Reeves Promoted Raft of Wealth Taxes Last Year – Guido Fawkes

Reeves Promoted Raft of Wealth Taxes Last Year

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Rachel Reeves promoted a pamphlet of hers which called for a series of wealth taxes in March last year. Co-conspirators may remember all the way back in October 2024 when Guido revealed the raft of tax rises proposed Reeves in a major report called “The Everyday Economy.” Reeves published her report in 2018 with the New Economics Foundation and promoted it. Two years later she would be in Starmer’s Shadow Cabinet…

Today the Telegraph has finally caught up on Guido’s reporting from nine months ago to claim it can “reveal” the report’s contents. It proposed to among other things:

• Replace inheritance tax with a lifetime Gift tax.
• Hike capital gains tax to income tax rates.
• Halve the annual capital gains tax allowance.
• Overhaul council tax and replace it with a property tax that directly impacts property owners.
• Introduce a global wealth tax.
• Introduce a land tax.
• Cap ISAs with a lifetime limit and reduce the annual cap to £15,000.
• Set up municipal energy production and pension schemes.
• Limit higher-rate pension contribution reliefs and require that 20% of all contributions be invested in job-creating opportunities.
• Raise taxes on savings and investments of high earners.
• Force companies to report their pay ratios and the “differential between their highest and lower paid workers” in order to link this to the level of corporation tax they pay. Bye bye companies…

Co-conspirators will notice a series of asset taxes there. At the time Reeves raged that “half of Britain’s wealth is owned by just ten per cent of adults.” She has never disowned the report…

In fact Reeves promoted it just last year in her landmark Mais Lecture:

“Recognising that even the most dynamic of industries must rest on foundations provided not only by businesses at the frontier but what I call the ‘everyday economy’.”

She went on to mention the “Everyday Economy” two more times in that lecture in support of her ideas for economic policy. The embattled Chancellor may look to revive her foundational ideas when October comes around and she’s casting around for cash. Would be a crying shame for growth…