How a UK wealth tax could work

A levy could be on the agenda as Rachel Reeves attempts to get the nation's finances back on track

British money being emptied into red wheelbarrow
Wealth taxes have been implemented – with varying degrees of success – across the world
(Image credit: Chris Clor / Getty Images)

With Chancellor Rachel Reeves under more pressure to balance the nation's books, a wealth tax has been floated as a viable option.

Former Labour leader Lord Kinnock told Sky News that a wealth tax would be a "substantial gesture in the direction of equity fairness".

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Marc Shoffman is an NCTJ-qualified award-winning freelance journalist, specialising in business, property and personal finance. He has a BA in multimedia journalism from Bournemouth University and a master’s in financial journalism from City University, London. His career began at FT Business trade publication Financial Adviser, during the 2008 banking crash. In 2013, he moved to MailOnline’s personal finance section This is Money, where he covered topics ranging from mortgages and pensions to investments and even a bit of Bitcoin. Since going freelance in 2016, his work has appeared in MoneyWeek, The Times, The Mail on Sunday and on the i news site.