Ahead of the UK general election, Robert Shrimsley, chief political commentator, interviews Rachel Reeves, the shadow chancellor, and John McTernan, a former senior aide to the last Labour prime minister Tony Blair. This is an edited extract of the conversation at the FTWeekend Festival on September 2 2023. It began with a protest at Labour's decision to rule out a wealth tax if it comes to power next year. To watch the whole interview and all other festival sessions, register for video on demand at ft.com/festival #wealthtax #ukpolitics #ukpolicy See if you get the FT for free as a student (http://ft.com/schoolsarefree) or start a £1 trial: https://subs.ft.com/spa3_trial?segmentId=3d4ba81b-96bb-cef0-9ece-29efd6ef2132. ► Check out our Community tab for more stories on the economy. ► Listen to our podcasts: https://www.ft.com/podcasts ► Follow us on Instagram: https://www.instagram.com/financialtimes'