Panel Interview with the FT, 5 Sep 2023 (when the FT was unashamedly pro-Labour)
Reeves:
Well, we've got the highest tax burden today since the Second World War. And I don't wake up every morning thinking how we can introduce new taxes. And I don't believe the way to greater prosperity is through higher taxes. We've got to grow our way to higher prosperity.
And that's why all of the policies that Keir and myself have set out have been around this mission to have the highest sustained growth in the G7. And that's the way to improve people's living standards, and have the money that we desperately need for our public services.
So there are differences that a Labour government would make. But a blanket wealth tax? No, that's not our policy. And it's not something I would do if I become chancellor of the exchequer.
Moderator:
But just to be clear, you don't feel the need to sort of act to push redistribution a bit more on wealth?
Reeves:
What I want to see is living standards improve for ordinary working people. But the reason why living standards have been so abysmal these last 13 years is not because taxes aren't high enough. The reason why living standards have been so abysmal is that the economy has not been growing.
Now, I know we've had these revisions, which mean instead of no growth we've now got low growth. I mean, hardly meriting the victory lap the chancellor is now on. We need proper economic growth, sustained economic growth that improves living standards. And that is not through having a wealth tax. It's having a broadly based, strong economy, creating good jobs in all parts of the country. And that is my primary focus as we approach the next election, and for what I would want to do if Labour secure that victory next year.