On Sunday Reeves said Labour could raise up to £440m a year by closing the carried interest loophole.
1) Close the loophole and you change the number of people getting paid that way. You’ll not raise that amount.
2) The “loophole” is that sweat equity gets taxed differently from labour income. OK, cool, how do you close the loophole without taxing, as labour income, all those shares in start ups?