There’s the Tory tax-cutting rhetoric and then there’s the tax-rising reality: between 2019 and 2024 the Conservatives delivered the largest rise in tax as a share of GDP of any postwar parliament (3.3%, equivalent to more than £3,000 per household).

Higher taxes should mean more pressure for fair taxes – to maintain public consent for paying in. Which brings me to the hi-tech-sounding world of “carried interest”. This is the label given to incentive fees paid to........

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