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The Guardian - UK
The Guardian - UK
Business
Kalyeena Makortoff Banking correspondent

Private equity barons lean on Rachel Reeves to water down proposals for higher taxes

Rachel Reeves Michael Moore United Kingdom Angela Rayner London Observer
Rachel Reeves looking sober while giving a speech at a podium
Rachel Reeves has described the lower rate of tax private equity bosses pay on carried interest as ‘indefensible’. Photograph: Adam Vaughan/EPA

When the future deputy prime minister Angela Rayner walked the floor of a bespoke kitchen outfitter’s warehouse in October 2022, she was doing more than gladhanding local workers in her Greater Manchester constituency.

The real reason Rayner had been invited to tour Goyt Kitchen Fabrications in Ashton-under-Lyne was not to see how the firm had fared through the Covid pandemic, but to be sold the benefits of private equity. Goyt’s bosses had taken a £200,000 investment from Welsh-government-backed FW Capital.

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