This is the best summary I could come up with:

Reeves also confirmed that Keir Starmer’s leadership pledge to increase the 45p top rate of income tax was – as was widely thought to be the case – now off the table, after he indicated in June that he was no longer keen on the idea.

Her remarks underline how Labour has decided that it needs to go further in blunting Conservative attacks, with party figures fearful that any hints of tax rises or unfunded spending commitments would be used to suggest it would be profligate with the nation’s finances.

There are also plans to go on the attack over Rishi Sunak’s stewardship of the economy, as internal polling suggests Tory-to-Labour switchers are irritated by his optimism on inflation when they do not feel that their own finances are improving.

Reeves’ words, in an interview with the Sunday Telegraph, also mark a shift away from her comments in September 2021 that “people who get their income through wealth should have to pay more”, highlighting those with stocks and shares and buy-to-let properties.

Labour has stepped up its focus on wooing the corporate sector, with the annual business forum hosted at the party’s conference this autumn over-subscribed by 75%, with 200 delegates due to attend, compared with 130 last year, and 150 on the waiting list.

As recently as the party’s conference last September, Starmer had said it was “hugely divisive” of ministers to hand out a tax cut to people who were paid more than £150,000, as he pledged to reverse the scrapping of the additional rate on the highest earners.

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