Labour wealth tax civil war as Cabinet minister brands the idea 'daft'

Labour's wealth tax civil war ramped up today as a Cabinet minister branded the idea 'daft' and told MPs to 'get serious'.

Business Secretary Jonathan Reynolds voiced 'frustration' at mounting demands from left-wingers to milk the rich, warning there is no 'magic' way of bringing in money for the Treasury.

Rachel Reeves is desperately hunting for options to increase taxes as she faces an estimated £30billion black hole in the public finances at the Autumn Budget.

The Chancellor has been stubbornly refusing to rule out a wealth tax, with backbenchers floating a percentage charge on assets to raise £24billion a year.

But Mr Reynolds has brutally dismissed the prospect in an interview with Chopper's Political Podcast on GB News.