Rachel Reeves should increase capital gains tax (CGT) at Labour’s upcoming Budget, a group of millionaire business owners have urged, estimating the measure would raise £14bn a year.

A group of "patriotic millionaires" have urged Chancellor Rachel Reeves to hike capital gains tax to help raise cash for the Government. Mark Campbell, founder of Higgidy Pies, said that “real investors” would not respond negatively to such a move.

What Reeves needs to do is to think about the tax base — the measure of gains on which the tax is charged — as well as the tax rate. She also needs to close some obvious routes through which payment can be escaped.