From New to Newer Labour on Wealth Taxes (1993-2025)
When still Shadow Chancellor in August 2023 Rachel Reeves stated that a future Labour Government would not introduce a wealth tax or indeed do anything of substance about taxing wealth. It rightly attracted criticism. There was and is nothing even mildly social democratic about the proposed inactivity. However as the November 2025 Budget has underlined this is one area where she has been absolutely consistent
It is however not new point.
Gordon Brown, the Shadow Chancellor, was on television saying that Labour is not a high-tax, high-spend party and certainly does not intend to penalise the rich. The most ridiculous statement ever..
Tony Benn noted in his diary 17th August 1993
In her response to Rachel Reeves Budget on 26th November 2025 the current Tory leader Kemi Badenoch argued that the Chancellor was raising taxes to pay for welfare. The context is that the last Tory Governments also raised taxes but not to pay for welfare
Leave a Reply