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. Torsten Bell, a former Treasury official who was also chief executive of the Resolution Foundation thinktank, said a wealth tax would not raise "significant revenues" despite a clamour from those on the left.
"On the tax side it is very fashionable on the left to say: 'Let's just have a wealth tax,'" he said during an event at the Cheltenham literature festival to promote his new book, Great Britain? How We Get Our Future Back. "For some of us who have spent 20 years working on tax policy, I think that is something that is exciting for them to write in books and not very useful in terms of helping govern the country." The Swansea West MP made clear his belief that there.
.. Cash Boyle.