The Trades Union Congress (TUC) has urged Chancellor, Rachel Reeves, to consider implementing a wealth tax following her announcement that the autumn Budget will be delivered on 26 November.

In interviews with several major news outlets, including the BBC and Guardian, TUC general secretary, Paul Nowak, outlined several tax changes the TUC believed Reeves should introduce to counteract the threat of Reform.

Speaking to the Guardian, Nowak said: “It is clear that we need long-term fixes, and so the chancellor has to be prepared to look at tax.

"We think that there’s a public mood out there for a grown up conversation about what that means. And the crucial thing is that those with the broader shoulders are asked to pay a fairer share.

“I don’t think the balance is right at the moment. I think we’ve got a tax system that’s very good at taxing work, less effective at taxing wealth. That’s really the big inequality that we’ve seen opening up.”

While talking to the BBC, Nowak urged Reeves to not take anything off the table and to look at options including equalising capital gains tax with income tax and “a wealth tax itself”.

"It has been introduced in other countries including Spain, which has one of the fastest growing economies,” he noted.

Speculation has swirled about what further measures the Chancellor plans to introduce to fill the gap in government finances.

The Labour government announced a raft of policy changes in its first Budget earlier this year, including to inheritance tax, capital gains tax, and the non-dom regime.

Several other tax reforms are reportedly being considered for Reeves’ second Budget, including to property taxes, capital gains tax, and the potential extension of the income tax threshold freeze, alongside possible ISA reforms.

“Britain’s economy isn’t broken,” Reeves said. “But I know it’s not working well enough for working people.

“Bills are high. Getting ahead feels tougher. You put more in, get less out. That has to change. Cost of living pressures are still real.

“And we must bring inflation and borrowing costs down by keeping a tight grip on day to day spending through our non-negotiable fiscal rules.”

Rathbones divisional lead of financial planning, Rebecca Williams, said the autumn Budget date of 26 November felt like “a rather late fiscal event”.

“But with public finances stretched thin, the delay underlines that ministers are in full-on thinking mode ahead of what is shaping up to be one of the most consequential Budgets in a generation,” she continued.

“It seems inevitable that some form of tax rises – stealth or otherwise – will be unveiled as the government looks to balance the books.

“For households, the long wait only prolongs uncertainty at a time when many are still grappling with the cost-of-living squeeze. Markets and savers alike dislike being left in the dark, and it is little wonder we’ve seen a surge in queries around pensions taxation, estate planning, and whether it remains worthwhile to hold on to buy-to-let properties amid growing speculation.

“But while it is sensible to keep an ear to the ground, it is important to remember that headline announcements grab the spotlight while quieter changes - such as freezes to allowances - can be just as impactful over time.

“Whatever the shape of the Chancellor’s statement, it remains good practice to avoid knee-jerk reactions based on rumour. Budgets come and go, but the principles of sensible financial planning stand the test of time.”

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