Rayner proposed big tax increases in memo to Reeves

Deputy Prime Minister Angela Rayner proposed eight tax increases to Chancellor Rachel Reeves ahead of the Spring Statement, highlighting divisions within the government over economic policy. Her proposals, which aimed to raise £3bn to £4bn annually, included reinstating the pensions lifetime allowance and raising corporation tax for banks, but were largely ignored in favor of spending cuts. This memo reflects Rayner’s positioning as a leftist voice amid a centrist cabinet, as concerns grow among Labour MPs regarding cuts to welfare and overseas aid spending.