Any attempt by Rachel Reeves to plug the gap in the UK’s public finances through a wealth tax would be “naive”, with very few success stories from other nations, experts have warned.

The chancellor may need to find as much as £30bn in savings through either cutting costs or raising taxes ahead of her Budget, with Keir Starmer’s government under pressure to find ways of raising funds for the public purse.

But a leading tax lawyer told The Independent a wealth tax would actually have a detrimental effect on the UK’s tax take – and that the government would be “arrogant” to think it would work in this country.

Good morning and welcome to our final day of the week covering the rolling business and stock market news.