Rachel Reeves rules out wealth tax if Labour wins next election

Shadow chancellor also confirms Starmer leadership pledge to increase 45p top rate is off the table

Rachel Reeves has gone further than before in explicitly ruling out Labour imposing a wealth tax if it wins the next election, as the party doubles down on its efforts to demonstrate economic competence.

The shadow chancellor confirmed that a Labour government would not bring in a mansion tax on expensive properties, increase capital gains tax or put up the top rate of income tax.