Labour’s messaging on business tax is right. Just don’t leave a long-term plan until the last minute | Nils Pratley

The shadow chancellor has read the room on the need for a stable tax regime, but the ‘to-be-decided’ list is long

It was easy to spot the gaps that Labour needs to fill in the review of business taxation announced by the shadow chancellor, Rachel Reeves. On the rate of corporation tax, Labour wants to be “in lock step with the G7”, which is a terribly vague formulation. On long-term tax breaks to boost investment, Reeves is enthusiastic but has committed to nothing specific. Any role for windfall taxes, where Labour is still calling for a “proper” additional levy on North Sea producers, was not mentioned in her speech to trade body MakeUK.

The “to-be-decided” list, then, is long. In the meantime, Reeves said Labour would support “a genuine boost to investment … if it is affordable”, if that’s what the government produces in next week’s budget. There was nothing here to frighten business – but, equally, nothing much to excite.

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