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.

Analysts have pointed to figures showing capital gains tax receipts dipping in the first half of the year, despite the Chancellor hiking rates.

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…