In Washington DC last week, Rachel Reeves “started laying the groundwork for a painful Budget”, said Hugo Gye in The i Paper .

Speaking at the annual meeting of the International Monetary Fund, the Chancellor “adopted a strategy of doom and gloom”, confirming that both tax rises and spending cuts are on the table for 26 November, to help reverse an estimated £22 billion black hole in the public finances. Reeves blamed a likely growth downgrade by the Office for Budget Responsibility on Brexit, and warned that “those with the broadest shoulders should pay their fair share”.

‘Sitting on their assets’

Having already gone after non-doms and private schools , Reeves clearly believes the wealthy can be squeezed a bit more before the pips squeak, said Fraser Nelson in The Times . Pro

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