Stop 'bleating' and pay more tax! Rachel Reeves declares war on the 'rich' ahead of Budget as she dismisses 'scaremongering' about wealthy fleeing UK
Rachel Reeves effectively declared war on the wealthy today as she dismissed 'bleating' about Labour's tax hikes.
The Chancellor sounded defiant amid growing alarm that another massive raid is coming at the Budget next month.
In interviews as she attends the annual IMF meetings in Washington, Ms Reeves said increasing the burden on the better-off would be 'part of the story' in her package.
And she said concerns that millionaires would simply take their money elsewhere were 'scaremongering'.
The comments came as official figures showed more evidence that the economy is flatlining, with critics pointing the finger at Labour's assault on business.
Chancellor Rachel Reeves sounded defiant amid growing alarm that another massive raid is coming at the Budget next month
The Chancellor has been trying to blame Brexit, austerity, Nigel Farage and the Tories for the country's poor performance.
There are warnings the Budget on November 26 could be on the same scale as last year - when an extra £40billion was milked from Brits.
That would mean Ms Reeves delivering the two biggest tax-raising packages since comparable records began in 1970.
A 'mansion tax' style annual charge on property, extending the hated freeze tax thresholds, and battering pensions are among the options being floated.
Ms Reeves fuelled speculation that capital gains and inheritance will also be targeted as she made clear that she would be targeting the 'rich'.
Asked if higher taxes on the wealthy would feature in her crucial statement next month, Rachel Reeves agreed: 'That will be part of the story.'
However, she denied it would spark an exodus of better-off Britons.
'Last year, when we announced things like the non-doms, like the private equity, like the VAT on private school fees, there was so much bleating that it wasn't going to raise the money – that people would leave,' Ms Reeves said.
'And that scaremongering didn't pay off, because this is a brilliant country and people want to live here.'
Last month the Chancellor ruled out a 'standalone wealth tax'.
Instead, many believe she will hike capital gains tax rates or make landlords pay National Insurance on rental income.
Ms Reeves declined to comment on specific measures she will take to fill a black hole put at £30billion.
But she vowed: 'In the Budget next month, there won't be a return to austerity.'
