Rachel Reeves doesn't understand the rich – that's why her Budget will fail

The autumn Budget is still more than a month away, but it has already been widely trailed. Leaks have included items such as an increased tax on pensions by cutting the tax-free allowance, a new form of property tax, and even an increase in VAT has been publicly suggested.

From the left of the Labour Party, we have heard a cry for wealth taxes. Lord Neil Kinnock himself weighed into that debate, suggesting a two per cent tax on assets above £7 million.

This rich selection of tax rises indicates a world of scarcity. There simply isn’t the money to spread around. The national debt – or more strictly the public sector net debt – is now £2.9 trillion, or 95 per cent of UK GDP.

Besides the colossal indebtedness, there has unfortunately been an inability to reduce, or rather slow the increa