Rachel Reeves, as has often been the case since Labour took office in July, is the subject of several tricky news stories today. Her budget continues to attract criticism, while the Chinese spying scandal has put her at the center of a row about how the government should approach the foreign power.
Firstly, the budget backlash. For all of Labour’s promises to tax “those with the broadest shoulders,” exclusive analysis from Bloomberg Intelligence today suggests that isn’t quite the case. The majority of Britain’s biggest listed companies will together account for less than 3% of the revenue raised by the National Insurance hike, my colleagues reveal, while shops, pubs and other high street businesses will bear the brunt.
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