Left-wing think tank the IPPR is today pushing for tax hikes on wealth to address “regional wealth inequality.” Because capital gains are realised in London and the South East apparently that means opportunity” is “not accessible across the UK”…

The chief recommendation of the IPPR to “regionally rebalance the UK” is a gargantuan tax hike:

“Taxing all income equally: In the long-term we propose a unified tax schedule for all income types, including capital gains and dividends, to align with income from work by the end of this parliament. In the short-term, we propose the equalisation of capital gains tax with income tax implemented at the first fiscal event of this parliament.”

The IPPR is dressing up old ideas to roll the pitch for Reeves’ October budget. This exact policy was proposed in a 2018 report from the think tank which was co-written by one Carys Roberts. Roberts, former IPPR executive director, is now ensconced in Downing Street’s policy unit, working alongside fellow ex-director Rachel Statham. The capitalism-sceptic think tank is said to be “doing the most serious and influential policy work around the Labour party.” That work can accelerate now its personnel are at the heart of policy making in government…

The same 2018 report called for the replacement of inheritance tax with a whole-life gift tax, which is effectively a gargantuan enlargement of confiscation of family inheritance. As Guido revealed plugged-in tax lawyers are in active preparation for its imposition….

Reeves yesterday stoutly refused to rule out changes to capital gains or inheritance tax. This “Iron Chancellor” hogwash ain’t gonna last…