Rachel Reeves could water down her planned raid on nom-doms amid fears the move would fail to raise any money, according to reports. The chancellor had hoped to raise about £1bn a year by cracking down on the tax perk available to wealthy UK residents.

I don't know whether to laugh or cry. One of Labour's flagship tax hikes is going to cost the Treasury more revenues than it raises. Which is exactly what we've been saying for months.

Chancellor Rachel Reeves is considering increasing alcohol duties in next month’s Budget, it has been reported Ms Reeves has not ruled out putting up tax on beer, wine and spirits as part of a plan to restore public finances. She has been presented with forecasts that show that putting up alcohol duty would raise an extra £800m next year.

Chancellor of the Exchequer Rachel Reeves is considering tweaks to her overhaul of the UK’s tax regime for wealthy foreigners, amid concern that Labour’s current plans may end up costing revenue.

Chancellor Rachel Reeves could be willing to change the plans for Labour’s crackdown on non-doms, according to reports. The Financial Times reported on Thursday evening that Government officials had said Ms Reeves could change the policy if the numbers are not satisfactory.