Money Distilled

The UK Is Probably Less Unequal Than You Think

In turn, that means the Chancellor can’t raise significant tax sums simply by targeting “the rich.” 

Rachel Reeves, UK chancellor of the exchequer.

Photographer: Jose Sarmento Matos/Bloomberg
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Welcome to the multi-award-winning Money Distilled newsletter. I’m John Stepek. Every week day I look at the biggest stories in markets and economics, and explain what it all means for your money.

I want to start today’s letter with an apology. I’ve broken my unwritten pre-budget manifesto. In the middle of last month I said I would try to avoid inflicting too many budget newsletters on you.