Cross-party MPs urge Reeves to impose 2% tax on wealth above 10m

A cross-party group of 30 MPs has urged the chancellor to impose a wealth tax on Britain’s rich rather than pursue spending cuts that burden the poor most heavily.

The signatories argue that wealth is under-taxed in the UK, and a new levy on the rich could generate substantial revenue, addressing the fiscal shortfall.

The letter emphasizes the unfairness of the current tax system, noting that taxes on the very richest are only slightly higher now than in the mid-1960s.

With polls indicating growing support, the MPs suggest that a wealth tax would not only generate funds needed for public financing but also support broader economic equity.

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