Introducing a Wealth Tax

That this House notes that almost a quarter of all household wealth in the UK is held by the richest one per cent. of the population; further notes that the wealth of UK billionaires increased by £106 billion since the start of the pandemic; believes that it is unjust that taxes on work are much greater than taxes on wealth; rejects the remarks by the Chancellor who stated in July 2020 that I do not believe that now is the time, or ever would be the time, for a wealth tax; notes that there are growing calls for wealth taxes both in the UK and around the world with United Nations Secretary-General Antonio Guterres calling for governments to introduce wealth taxes to help reduce global inequality exacerbated by the covid-19 pandemic; notes that the UK Wealth Commission, made up of a team of over 50 experts on tax policy, concluded in their December 2020 report that a wealth tax would be preferential to raising taxes on incomes; and calls on the Government to introduce a wealth tax as a progressive alternative to raising taxes on working people.