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Business Secretary Rejects Wealth Tax Amid Labour Pressure

7/26/2025

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Summary

Story summary

Business Secretary Jonathan Reynolds dismissed proposals for a wealth tax as "daft," calling for more serious fiscal dialogue. Meanwhile, Labour's Rachel Reeves is under pressure to implement a 2% tax on assets exceeding £10 million, backed by influential party members like Lord Kinnock and Richard Burgon, who recently presented an 80,000-signature petition advocating for the change.

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Story summary

Business Secretary Jonathan Reynolds dismissed proposals for a wealth tax as "daft," calling for more serious fiscal dialogue. Meanwhile, Labour's Rachel Reeves is under pressure to implement a 2% tax on assets exceeding £10 million, backed by influential party members like Lord Kinnock and Richard Burgon, who recently presented an 80,000-signature petition advocating for the change.