Downing Street has not ruled out a potential “wealth tax” on the wealthy, following Lord Kinnock’s suggestion of a 2% tax on assets over £10 million to address a public finance shortfall. Chancellor Rachel Reeves faces pressure to raise taxes after significant welfare savings were reversed, despite her previous rejections of a wealth tax.
Explain It To Me Like I’m 5: The UK government is thinking about a new tax on rich people to help pay for things, but the Chancellor has said she doesn’t want to do that right now.
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