UK government has ‘got the balance right’ on tax, says Rachel Reeves
The government has “got the balance right” on tax, Rachel Reeves has insisted after a former Labour shadow chancellor said she should consider introducing a wealth tax,The chancellor said she had already increased taxes on the wealthiest in society with higher levies “on private jets, on second homes, and increased capital gains tax”,Speaking to reporters in Scotland, Reeves said: “In the budget last year, we got rid of the non-domicile status in our tax system, so people who make Britain their home have to pay their taxes here,“I think we’ve got the balance right in terms of how we tax those with the broadest shoulders, but any further decisions will be ones that are made at a budget in the normal way,”Reeves was speaking after Anneliese Dodds, who resigned as a Foreign Office minister earlier this year over aid cuts, said ministers should “look carefully” at proposals for a one-off levy on millionaire households.
In an interview with the Guardian, Dodds, who served as Keir Starmer’s shadow chancellor in opposition, pointed to the work of the economist Arun Advani.In 2020, Advani’s wealth tax commission recommended a one-off 1% levy on household wealth above £1m as a better way of raising revenue than taxing workers and consumers.Asked about Dodds’ suggestion, Reeves said: “The No 1 priority of this government is to grow the economy … We’ve got to get the balance right on taxation because we want that investment, we want those jobs to come here.”Government sources argued there was “not a proposition for a wealth tax on the table” and pointed to numerous examples where a wealth tax had not worked in other countries.“Clever people and all the economists are saying it doesn’t work,” one source said.
Speaking to Sky News’ Electoral Dysfunction podcast, Dodds said the Treasury should consider the evidence from the wealth tax commission, which had “looked at all of that evidence [on wealth taxes] and set out how it would be possible to deliver something like that in a UK context”.“We’ve seen the deputy leader of the Labour party, for example, put forward suggestions.I think it’s important for all of those to be considered now,” she said.Different ministers have expressed conflicting views on proposals for a wealth tax.Earlier on Friday, Diana Johnson, the crime and policing minister, said it was “important … that all these issues are looked at and discussed and we look at the evidence about what will work and what won’t”.
Last week, Jonathan Reynolds, the business secretary, dismissed the idea of a “magic” wealth tax as “daft” and told his colleagues to “get serious”.Reynolds told GB News that a tax like that “doesn’t exist anywhere in the world.Switzerland has a levy, but they don’t have capital gains or inheritance tax.“We’re not going to do anything daft like that.And I say to people: ‘Be serious about this’ … What if your wealth was not in your bank account, [what if it was] in fine wine or art? How would we tax that? This is why this doesn’t exist.
“There’s a lot of populism out about this, and I’m frustrated to see it.I see colleagues sometimes say this in parliament and I say: ‘Come on, get serious.’”
England squander chance to take control as tetchy final Test heads for close finish
Day two at the Oval was played in fast forward and when England are batting this tends to mean one of two things: either the scoreboard spinning like wheels on a fruit machine and pigeons flying to all parts, or the regular clank of spikes up and down the dressing room stairs.There was a fair bit of both, as it happened, plus tempers once again fraying, as the crowd witnessed a bun fight unfold out in the middle. But while India were initially skittled for 224 by the completion of Gus Atkinson’s fourth five-wicket haul in Test cricket, England then folded to 247 all out and an opportunity to take full control had gone begging.The injury Chris Woakes sustained on day one not only ruined his Ashes but it also left England a bowler down in this series finale. As well as needing to give the remainder of the attack time off their feet, this meant securing a decent lead
England v India: fifth men’s cricket Test, day two – as it happened
Ali Martin’s reportThe end of a pretty remarkable day at The Oval. Only 75 overs were bowled, but in that time we saw 342 runs, 16 wickets and thousands of Thorpey headbands.India, who looked a beaten team during a bruising the morning session, showed extraordinary resilience to fight back and then edge ahead in the game. They were inspired by Mohammed Siraj, who took out England’s entire middle order across two superb spells.England need something similar from Gus Atkinson, Josh Tongue or Jamie Overton tomorrow morning
Graham Thorpe remembered by England amid the joy and sorrow of fifth Test | Simon Burnton
Friday morning at the Oval, and the ground reverberates to a unique but not unfamiliar sound, the baritone rumble of thousands of pained groans. It was prompted by replays on the ground’s big screens of a particular kind of delivery with a very specific outcome, on this occasion bowled by Akash Deep. The ball flicked off the inside of Ben Duckett’s thigh before crashing remorselessly into, well, the next part of his anatomy that it reached, and with agonising results.The game was paused for several minutes while the pain subsided and the opener regained his composure (the blow certainly didn’t make him at all cautious, and by the end of that one over Duckett had survived a review for lbw, skipped down the track and missed completely with a wild swing, seen a leading edge drop short of gully and reverse-scooped for six).On Thursday evening a very different sound had been heard, Chris Woakes’ cries of pain after he landed awkwardly on his left shoulder having flicked a ball back from the boundary edge, close to the press box at the Vauxhall End
Tommy Freeman hands Lions major injury scare on eve of third Australia Test
Tommy Freeman has handed the British & Irish Lions a major injury doubt before their third Test against Australia. The 24-year-old winger, who has started the first two Tests, sat out the captain’s run on Friday and it is understood he is struggling with a back injury. The Lions are targeting a first clean sweep since 1927 and a first unbeaten series since 1974.On Friday the Lions were adamant that Freeman would be fit to play in Sydney, claiming his absence was down to his workload being managed. It is understood, however, that contingency plans have been drawn up that could see Huw Jones moved to the wing and Owen Farrell coming into the starting XV
Tour de France Femmes 2025: Squiban storms to another win on stage seven – as it happened
An amazing second stage win from Maëva Squiban in as many days. As Dani Rowe said on TNT Sports: “She played her cards to perfection.” Thank you for reading the live blog today and for your messages. It was a pleasure to cover today’s exciting and dramatic racing. Join me on Saturday and Sunday for the final stages of this year’s Tour de France Femmes avec Zwift
Tour de France Femmes: Squiban sends home fans wild with second stage win
Maëva Squiban fuelled joyous scenes in the Haute-Savoie, winning the first high mountain stage of the 2025 Tour de France Femmes in Chambéry, just 24 hours after taking victory in stage six in Ambert.The French rider, who celebrated draped in a Breton flag, was part of a 13-rider breakaway that splintered on the first climb, the Côte de Saint-Franc, and then gradually dwindled as the gradients started to bite.Squiban, a former French junior champion when 15 years old, finally shed her last companion, Mareille Meijering, 2km from the top of the Col du Granier and accelerated clear alone.“At the start, I made a joke about attacking again,” she said, “but in the end it wasn’t a joke.”On the fast descent of the Granier, overlooking Chambéry, Squiban, nudging 80km/h on the narrow road, again held off the pursuing group of race favourites, including the defending champion, Kasia Niewiadoma, and rival Demi Vollering, to take successive stage wins
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