Taking aim: Chancellor Rachel Reeves
Labour is committed to levy taxes on those who can afford to pay. Among the known targets for Rachel Reeves in her October 30 Budget are the private equity barons.
A lengthy undervaluation of UK equities, against comparators in New York, means that the London-listed firms have offered rich pickings for buyouts. There has been a lack of resolve in government and among regulators to protect enterprises from public to private ownership.
This has been particularly unfortunate for utilities. The financially driven ownership of Thames Water is the most grotesque example. Once companies vanish into the private equity universe it is almost impossible to track their progress.
