THE Labour leadership faced demands today to tax the rich instead of inflicting more painful spending cuts in its Budget on Wednesday.

Chancellor Rachel Reeves has warned that her fiscal announcement will involve “difficult decisions” because of a £22 billion “black hole” left by the Tories in the nation’s finances, which has since led her to talk of finding £40-50bn in spending cuts and tax rises.

Today Labour MP Richard Burgon presented a 50,000-strong petition in Parliament calling for wealth taxes as an alternative.