Labour MP defends chancellor’s refusal to bring in wealth tax

Swansea West MP Torsten Bell says such a tax would not raise significant revenues'

One of Labour's new MPs has defended the decision by the chancellor, Rachel Reeves, to rule out a wealth tax, claiming it would not have much of an impact.

Reeves has previously rejected calls for the tax as a solution to what she says is the 22bn shortfall that is blighting public finances.