Millionaire business owners urge Rachel Reeves to raise £14bn from rise in capital gains tax

Group of wealthy investors argue it would have no impact on investment in the UK and would raise vital funds for public services

Rachel Reeves has been urged by a group of millionaire business owners to raise 14bn from an increase in capital gains tax at this month's budget, arguing it would have no impact on investment in Britain.

Ahead of the chancellor's set-piece event on 30 October, the group of wealthy investors said increasing the tax rate on asset disposals would help to raise vital funds for public services and would not lead to slower economic growth.