No 10 and Treasury refuse to rule out wealth tax
Downing Street and the Treasury refused to rule out a new tax on the ultra-rich at the budget and said that ministers had 'repeatedly' argued 'those with the broadest shoulders should carry the largest burden'.
However, they emphasised that Rachel Reeves had previously rejected a new wealth tax when Labour was in opposition.
The chancellor is under mounting pressure to raise taxes after the government's U-turn on welfare reform left her with a £5 billion hole to fill.
Economists have estimated that Reeves could eventually end up having to find more than £20 billion if growth forecasts are downgraded.
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