Overview

• Rachel Reeves told investors tax policy affects growth and moved to tighten access to Treasury reserves, warning ministers to keep to spending plans ahead of the 26 November Budget.
• She rejected a standalone wealth tax despite pressure from within Labour, pointing instead to existing measures on inheritance and non-domiciled status.
• Goldman Sachs warned fresh tax hikes are unlikely to repair the public finances and could keep interest rates higher for longer, urging small broad‑base changes over large niche levies.
• CBI chief Rain Newton‑Smith urged the government to drop its pledge not to raise income tax, employee NIC or VAT for working people and to prioritise structural tax reform that supports growth.
• Reports suggest at least £20bn in new revenue is being prepared with potential hits to property, gambling and pensions, as gilt yields stay elevated and some companies shift planned investment abroad.