Labour plotting tax raid on wealthy amid mounting fears of entrepreneurs fleeing the country

LABOUR are plotting to hike up taxes on the wealthy – amid mounting fears of entrepreneurs fleeing the country and hitting investment.

Transport Secretary Heidi Alexander insisted that will be protected but concerns are raised that investment in the UK could be hit.

The warning shot came as she revealed that a wealth tax wasn’t spoken about “directly”; at a Cabinet away day at Chequers last week.

Ministers could on savings, investments or property in a bid to raise cash.

But Ms Alexander insisted that “fairness”; would be at the heart of any decisions surrounding tax at the taking place in the Autumn.

But the comments pave the way for the wealthy and middle-class to be hit by tax hikes to fill Chancellor Rachel Reeves’ financial black hole.

Only last week, ex-Labour leader Lord Kinnock suggested a 2 per cent wealth worth over £10 million.

It comes after the Office of Budget Responsibility told of the “daunting”; risks to the UK public finances amid soaring debt.

Ms Alexander told Sky News: “I think your viewers would be surprised if we didn’t recognise that at the Budget will need to look at the OBR forecast that is given to her and will make decisions in line with the fiscal rules that she has set out.

“We made a commitment in our manifesto not to be putting up taxes on people on modest incomes, working people. We have stuck to that.

“We haven’t put up income tax. We haven’t put up VAT apart from taking away those VAT tax reliefs that people who send their children to private school get, and we obviously haven’t put up employee National Insurance.”;

Experts have said that the may need to look to fill a black hole of around £20 billion to meet her fiscal rules.

Labour have said they will not increase taxes on working people. They also have said they won’t increase income tax, national insurance or VAT.

When asked about “fairness”; in the tax system, Shadow Home Secretary Chris Philp said: “That sounds to me like a barely disguised reference to tax rises coming in the autumn.”;

He added: “They can’t get anything past their own back benches. The consequence of all of that is going to be tax rises for people who are working hard and on businesses.

“It’s nothing to do with fairness, it’s a symptom of Labour failure.”;