Wealth tax coming? Minister says 'those with broadest shoulders should pay more tax'

Minister 'holds dear Labour values' that 'those with broadest shoulders pay more tax'

Speaking to Sky's Sunday Morning With Trevor Phillips, former Labour leader Lord Neil Kinnock called for a 2% tax on assets above £10 million to raise in the region of £10bn a year for the public finances - a sum Rachel Reeves could do with right now.

Sky's Wilfred Frost asked minister Stephen Morgan if that is an option.

He replied that the government's "relentless focus" is on growing the economy, and that matters of taxation are for the chancellor.

Specifically on a wealth tax, the minister pointed out that they have already put a tax on private jets, and on the ballooning profits of energy companies.

"I think we've already taken action on that," he said, adding: "I hold dear the Labour values of making sure those that have the broadest shoulders pay more tax. I think that's absolutely right.

"But our focus is on growing the economy. And the chancellor will set out more details in the autumn."

Asked if fuel duty will remain at current levels, or if that is included in Labour's pledge not to raise taxes on 'working people', the minister said: "I don't know."

Finally, Wilfred asked if, given the chaos in the world, the government might have to break some of its manifesto pledges.

Morgan replied that they want to "go further and faster on delivering our plan for change", and did not address the point.

Building societies step up protest against Reeves's cash ISA reforms

Building society chiefs will this week intensify their protests against the chancellor's plans to cut cash ISA limits by warning that it will push up borrowing costs for homeowners and businesses.

Sky News has obtained the draft of a letter being circulated by the Building Societies Association (BSA) among its members which will demand that Rachel Reeves abandons a proposed move to slash savers' annual cash ISA allowance from the existing £20,000 threshold.

The draft letter, which is expected to be published this week, warns the chancellor that her decision would deter savers, disrupt Labour's housebuilding ambitions and potentially present an obstacle to economic growth by triggering higher funding costs.

The chancellor is reportedly preparing to announce a review of cash ISA limits as part of her Mansion House speech next week.

While individual building society bosses have come out publicly to express their opposition to the move, the BSA letter is likely to be viewed with concern by Treasury officials.

The Treasury has so far refused to comment on its plans.

'You will not defeat us, you will not cower us': London mayor's message to potential terrorists

Ahead of the 7/7 memorial service that is under way in St Paul's Cathedral in Central London, the London mayor, Sir Sadiq Khan, spoke to Sky News about this momentous 20-year anniversary.

He told us: "We come together today to remember those 52 people whose lives were cruelly cut short by this cowardly act of terrorism. The thoughts and prayers of all of us are with their families.

"We pay tribute the emergency personnel, the transport workers, the extraordinary Londoners who came to the aid, ran towards danger, in a very brave way, selflessly to support those who'd been injured. And we honour the survivors and the bereaved who are coming together today."

"It's been 20 years, but none of us can forget what happened that day."

Khan was an MP in parliament when the attacks happened, and he recalled "frantically ringing my wife to check she was okay, check that my siblings were okay, my nephews and nieces, my staff - ringing round to make sure everyone you knew and loved was okay".

He also described the uncertainty in that moment around potentially further acts, and paid tribute to the public for their "remarkable acts of kindness".

"London stood united - not just against the terrorists, but united in support of each other," he said.

Asked how much better prepared we are today to withstand any similar attempted attacks, the mayor said: "The message we want to send today to anybody thinking about future cowardly acts of terrorism is, 'you will not defeat us, you will not cower us'."

"We're resilient, and we're stoic, and we stand united," he added.

He noted that the threat level remains "substantial", so "we need to be vigilant".

"What these terrorists hate is our diversity, our way of life, the fact that we get on, we respect each other, we celebrate each other, we embrace each other - they hate that," Khan said.

"That's why we're a target."

PM and home secretary arrive at 7/7 commemoration

Sir Keir Starmer and Yvette Cooper have arrived at St Paul's Cathedral in Central London for a service to commemorate 20 years since the 7/7 bombings.

The service is one of many being held across the country to remember the 52 people who were killed, the hundreds injured in the attacks, and pay tribute to those who rushed towards danger to rescue as many as possible.

The key officials from London's emergency services are in attendance, as well as the loved ones of those who died, survivors, and others affected by the events of that day.

MP calls for law change to make domestic abuse a specific criminal offence

An MP who decided until recently to "never speak" about the abuse he suffered as a child has shared his harrowing story so that "no kid has to go through" what he did.

Josh Babarinde describes being physically abused by his mother's former partner from the age of four, and remembers crying himself to sleep under the covers "hearing shouts, hearing screams and things smash".

He says he became hypervigilant growing up and felt safe at school but "like he was treading on eggshells" in his own home.

The Eastbourne MP, who is also the Liberal Democrats' justice spokesperson, says his experience has driven his politics. He is calling on the government to stop abusers "slipping through the net" and being released from prison early.

Opening up about his story in his twenties was "difficult" but looking back, Mr Babarinde says, he is "so proud of the resilience of that kid".

The MP recently found his childhood diary containing Star Wars drawings alongside an entry he wrote from the bathroom. The diary, he recalls, wrote: "I'm really going to try to go (to the toilet) but I can't. Oh my goodness, I'm gonna be in so much trouble, I'm going to get smacked so hard."

Then an entry five minutes later: "I still haven't done anything, I'm going to be in so much trouble."

He says reading the entry reminded him of how "helpless" he felt.

"It was mortifying," he says. "An abuser takes away your sense of self-worth."

The 32-year-old is calling on the government to change the law to make domestic abuse a specific criminal offence. The change would mean, he argues, abusers can no longer effectively disguise their history under other offences like assault.

-SKY NEWS