Chancellor refuses to rule out new wealth tax

RACHEL Reeves has not ruled out the possibility of a new wealth tax but insisted commitments not to hike tax for “working people” remained.

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The chancellor said she was not going to comment on speculation around her next budget when a date for the statement had not been set.

But she said promises not to increase income tax, national insurance and value added tax (VAT) remained in place, along with her “nonnegotiable” fiscal rules.