UK Doesn’t Need Standalone Wealth Tax, Rachel Reeves Says (1)

Chancellor of the Exchequer Rachel Reeves ruled out a UK wealth tax, while also giving one of her strongest commitments yet to abide by campaign pledges not to raise the level of several key taxes.

“We already have taxes on wealthy people; I don’t think we need a standalone wealth tax,” Reeves said in an interview with Bloomberg TV at the Labour Party’s conference in Liverpool on Monday, citing capital gains tax and inheritance tax. “I’m not even sure it would work.”

Reeves’ comments come amid pressure from her Labour backbenchers to create a new tax ...