Wealth tax vs welfare cuts: Is it impossible for Rachel Reeves to balance the books? | LBC

Iain Dale’s Cross Question panel discuss whether a wealth tax is the answer to Britain’s 'black hole' as Rachel Reeves seeks to balance the books.

Education Minister Stephen Morgan said any decisions on taxation would be “assessed in the round” at the autumn Budget. His comments follow a £5 billion blow to Treasury plans after a Labour revolt on welfare reforms, as well as a £1 billion U-turn on cuts to winter fuel payments.

On a wealth tax, Morgan emphasised Labour’s belief that “people with the broadest shoulders” should carry more of the tax burden. But he also warned against policies that might risk economic growth, which he described as the Government’s top priority, despite the backlash to the so-called “jobs tax” hike in employer National Insurance.

While Reeves hasn’t ruled out tax cuts, many are questioning how she’ll close the £14 billion fiscal gap she claims was left by the previous Tory government.

Labour’s welfare reform plans have already backfired, and some now warn that taxing Britain’s wealthiest could prove equally disastrous.

Iain Dale's panel: Alison Hume, Labour MP for Scarborough and Whitby, Jo Gideon, Campaigner, social commentator and former Conservative MP, James Bloodworth, Journalist – Author of Lost Boys: Undercover Adventures in Toxic Masculinity, Andrew Gold, Journalist and broadcaster – Presenter of the interviews podcast Heretics.

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