Rachel Reeves has signalled she will target tax rises on assets rather than earnings in the Budget as she ramps up her war on wealth.

Just weeks before she delivers her second Budget, the Chancellor said those with the “broadest shoulders” should contribute more to balancing the books. She also suggested higher earners would not be the main target of her tax raid.

Her latest comments will raise fears about higher inheritance tax and a raid on pensions or landlords.

Speaking to reporters at the International Monetary Fund meeting in Washington, Ms Reeves said: “I do think that those with the broadest shoulders should pay their fair share of tax, and I think you can see that through my actions last year at the Budget.”

Asked how she would define a wealthy person, Ms Reeves responded: “Wealth is obviously different from income. So wealth is not about your your annual salary.”

On Thursday, Ms Reeves ruled out introducing a targeted wealth tax. She also signalled that she would not increase taxes on banks, as she attempts to woo back businesses bruised by last year’s record tax raid.

“We’re not going to be introducing a wealth tax,” she said. “We already have a number of taxes, though, in the UK that do tax wealth and do tax wealthy people, and some of those we did increase in the Budget last year, like putting VAT on private schools, getting rid of the non-domicile status, extended taxes on private jets.

“I think that they were the right policies in the circumstances that we faced.”

Asked where she might look to raise taxes, Ms Reeves added: “Judge me by my record last year.”

Economists believe Ms Reeves will have to raise taxes by £30bn in the Budget to balance the books against a backdrop of high inflation and soaring borrowing costs.

Ms Reeves is rumoured to be targeting National Insurance contributions on landlords and has also been considering higher property taxes.

The Chancellor said said it was important to “get the balance right” as she suggested the Government would do more to try to attract global talent.

She also said the Government would do more to “bear down on prices” as she attempts to bring down inflation, which is currently running at 3.8pc, or almost twice the Bank of England’s 2pc target.

Highlighting the Government’s decision to freeze drug prescription charges in England at £9.90 this year, Ms Reeves said she would take action to remove the “pressure on family finances”.

She said: “We will continue to take action on on prices. Obviously, the Bank [of England] have got their job to do, but where there are regulated prices, of course we have all responsibility as well. I’m determined that we can bring inflation back to target.”

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