A growing band of Labour backers are demanding that Starmer and chancellor Rachel Reeves launch a punitive tax raid on the well-off. Many will find the idea appealing. They believe it won’t affect them and it probably won’t. At first.

Last year, The Trades Union Congress (TUC) called on Keir Starmer to launch a tax raid on the wealthy to fund his government’s spending plans.

This July, two of Tony Blair’s former advisers did the same: academics Patrick Diamond and Colm Murphy at Queen Mary…