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A supermarket bang in the middle of Labour’s heartland has sounded a warning on tax – and the chancellor would do well to listen, writes Chris Blackhurst

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n the run-up to the last election, Labour devoted considerable time and effort to wooing business and the City. Ministers wanted to convince them that the government could be relied upon, that it understood and appreciated the concerns of the private sector, that it could be trusted with the economy, with other people’s money.