Overview

• Former officials and leading economists, including Lords Gus O’Donnell and Jim O’Neill, Mariana Mazzucato, Mohamed El‑Erian, Simon Wren‑Lewis and Jonathan Portes, issued the call under the Invest in Britain campaign.
• They advocate new wealth and property taxes and back overhauling stamp duty and council tax to raise revenue more fairly and efficiently.
• The signatories push for a single annual OBR forecast in line with IMF advice and for greater use of PSNFL debt‑rule flexibilities to support investment.
• Rachel Reeves has ruled out rises to VAT, national insurance and income tax, limiting options as weaker OBR growth and productivity forecasts strain the finances.
• The gap against the main fiscal rule is estimated at about £20–30bn, with some estimates nearer £40bn, after a £6–8bn reversal of planned welfare cuts.