How a Labour wealth tax could completely backfire

Labour is understood to be considering options for an extra wealth tax as the party looks for ways to raise revenue. The party has ruled out increasing income tax, corporation tax and National Insurance Contributions (NICs) if it gets into power. But Paul Johnson of the Institute for Fiscal Studies, a think tank, said it would be a “considerable surprise” if Labour did not raise other taxes over the next five years, owing to the fiscal pressures facing the next …