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Rachel Reeves is looking at a tax on wealthy Brits leaving the UK and a mansion tax, as last ditch levers to pull ahead of the Budget.

The Times reported on a possible 20 per cent “settling-up charge” on business assets, which is the rate of Capital Gains Tax (CGT).

It is thought that the policy would raise around £2bn, with the Chancellor facing a fiscal black hole of up to £35bn to fill at the 26 November Budget.

Speculation is mounting that Reeves will have to renege on one or other of the Labour manifesto promises not to raise flagship personal taxes and not to break her fiscal rules on borrowing.

Under the current regime, CGT does not apply to those selling their assets when leaving the country. The UK and Italy are outliers in the G7 for

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