'Morally wrong wealth tax would speed up exodus'

CHANCELLOR Rachel Reeves is facing calls to rule out a “morally wrong” wealth tax immediately to avoid killing business confidence and accelerating an exodus of investors.

- By David Williamson

Labour Left-wingers are pushing the Government to get behind proposals for a tax they say could raise £24billion a year. This comes as Government borrowing has surged and fears mount Ms Reeves will announce tax rises in the autumn.

But Shadow Chancellor Sir Mel Stride has called on Ms Reeves to halt a “wealth exodus” before it becomes “irreversible”. He claimed between 10,000 and 15,000 high-net-worth individuals have quit the UK since Labour took power.