Chancellor Rachel Reeves is signalling a huge change of heart - and it's not gone down well with some of her more deluded colleagues.

Rachel Reeves has been accused of a “Davos deal for millionaires” after announcing she was watering down moves to make wealthy foreigners pay more tax. The chancellor said she had been “listening to the concerns” of “non-doms” living in the UK.

A civil war has erupted in the Labour Party after it was reported that Rachel Reeves plans to approve a third runway at Heathrow Airport and an expansion of operations at Gatwick. In a speech next week, the Chancellor is also expected to support more flights at Luton.

Plans to abolish non-dom status will be amended to allow a more generous phase out of tax benefits, Chancellor Rachel Reeves has announced. Reeves told an audience at the World Economic Forum in Davos that changes would be made to upcoming legislation to increase the generosity of a facility to help non-doms repatriate their funds to the UK.

Pensions minister Torsten Bell (pictured), who has just arrived at the Treasury, has previously questioned the sustainability of the triple lock.

Experts said the tax changes contributed to a growing exodus of millionaires from the UK - and the chancellor should find ways to attract them back to help the economy.

Rachel Reeves has suggested she will alter some of the more controversial non-dom reforms announced in the Autumn Budget.

Tories claim improvements to the school which educated two of Keir Starmer’s cabinet ministers would not have been allowed by Labour’s education reforms

UK chancellor Rachel Reeves has shrugged off calls for her resignation, insisting to MPs that her economic plans can deliver an “immense” prize and defending her visit to China last week.

As ye sow, so shall ye reap. One reasonably reliable rule of economics is that markets will eventually always find you out. It’s taken just six short months for this to happen to Labour, with its fairytale promise to end austerity in public services without having to raise taxes on working people.

The majority of Labour figures rallied around Reeves on Tuesday as she defended her plans against a backdrop of economic turbulence

Rachel Reeves shrugged off Tory calls for her resignation as she faced MPs after a turbulent week, which saw volatility in the pound and the cost of Government borrowing soar