Shadow chancellor called for £20bn new taxes

WANNABE Chancellor Rachel Reeves secretly plotted a £20 billion tax bomb, we can reveal.

The Labour big gun proposed the raid on homeowners, pensioners and savers.

She used a 2018 pamphlet to call for an overhaul of the tax system to increase public spending and redistribute cash.

Ms Reeves argued increasing wealth taxes by £20billion a year could help the Government to invest in public services.

She suggested a review of council tax bands, a property tax and an attack on pensions.

And she proposed a new tax on the savings of the wealthy. 

Ms Reeves wrote: “We need a radical overhaul of the tax system because our current system of wealth taxation isn’t working.

“Taxing the savings and investment income of higher rate taxpayers can be increased.”

Craig Tracey, deputy chairman of the Conservative Party, said yesterday: “This just proves what we already knew. Rachel Reeves will try to deny it, but a Labour government would only mean one thing: higher taxes.”

The pamphlet was produced with Labour Together, a group then led by Morgan McSweeney, who is now at the heart of Sir Keir Starmer’s political machine.

Labour said: “The Tories have a £46billion Budget black hole. The ideas in this pamphlet are not policy and will not feature in our manifesto.”