Economists and Activists Call on Rachel Reeves to Introduce Wealth Tax in Inaugural Budget

In an open letter, notable economists and 29 organizations are urging Chancellor Rachel Reeves to implement a wealth tax on the UK's richest citizens to help fund essential public services.

The proposed levy targets assets rather than income and has gained traction as the chancellor prepares a £40 billion fiscal tightening largely through tax rises in her budget.

Greenpeace's previous proposal for a temporary 2.5 per cent wealth tax on holdings over £10 million could raise at least £130 billion over five years.

The letter states that the combined wealth of the UK's richest 250 households stands at £748 billion, indicating substantial funds available to meet social and environmental needs.

Read at Business Matters