Private equity barons lean on Rachel Reeves to water down proposals for higher taxes

With the budget and Starmer's investment summit approaching, the industry's lobbyists are in full cry over carried interest'

When the future deputy prime minister Angela Rayner walked the floor of a bespoke kitchen outfitter's warehouse in October 2022, she was doing more than gladhanding local workers in her Greater Manchesterconstituency.

The real reason Rayner had been invited to tour Goyt Kitchen Fabrications in Ashton-under-Lyne was not to see how the firm had fared through the Covid pandemic, but to be sold the benefits of private equity. Goyt's bosses had taken a 200,000 investment from Welsh-government-backed FW Capital.