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Labour promised investment, but when it comes to how we fund the rebuild of Britain, that party’s government is remarkably quiet.

Rachel Reeves talks about fiscal responsibility but avoids the hard conversation about tax reform — the one thing that could unlock real, long-term prosperity.

So let’s have that conversation.

The problem with the current system

Our tax system is skewed.

If you work for a living, you pay more than someone who earns the same amount from wealth.

Capital gains tax is lower than income tax.

Inherited wealth enjoys generous exemptions.

Corporations use creative accounting to dodge their responsibilities.

And the super-rich? Often barely taxed at all.

Meanwhile, public services are crumbling, and we’re told there’s “no money left.”

A fairer way forward

A fair tax system isn’t about punishing success — it’s about ensuring everyone contributes according to their real means. That means:

• Equalising capital gains tax and income tax so those living off assets pay their fair share.
• Introducing a proper wealth tax on assets over a high threshold, ensuring billionaires contribute proportionally.
• Reforming inheritance tax to stop dynastic wealth from snowballing, while protecting ordinary families.
• Tackling tax avoidance and evasion by properly funding HMRC and closing loopholes.
• Windfall taxes on profiteering in sectors like energy, water and finance.

Why this matters now

• Public ownership of utilities.
• Building genuinely affordable homes.
• Fixing the NHS and social care.
• Replacing crumbling schools.

Every one of these requires reliable, long-term funding.

That doesn’t mean austerity.

It means smart revenue reform.

Even the IMF now admits trickle-down doesn’t work.

If we want to rebuild Britain, we start by taxing the enormous wealth that already exists — not squeezing workers and the vulnerable.

Wren-Lewis, Keynes, and the common sense of fairness

Simon Wren-Lewis, over on Mainly Macro, mentions the state needing to do more.

John Maynard Keynes said governments should spend in downturns to revive the economy.

Both visions rely on a public that believes the system is fair.

Without that trust, even good ideas falter.

Reforming the tax system restores that trust.

It makes investment credible.

It funds what matters.

So where’s Labour?

Labour could lead on this.

Instead, it hides behind “stability” and whispers about not raising taxes for working people.

Fine — then tax wealth, tax unearned profit, and tax excess.

If Labour won’t do it, we must demonstrate that it is not only possible, but essential.

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