Badenoch trying to flush out Starmer’s position on wealth taxpublished at 12:52 British Summer Time
Joshua Nevett
Reporting from the House of Commons
Calls to raise taxes on the wealthy to boost the UK’s
finances have long been made by elements of the Labour Party.
But recently, as the chancellor faces some stark spending
choices after U-turns on welfare and winter fuel payments for pensioners, the
volume of those calls has increased.
And they’re coming from all kinds of directions.
For example at the weekend Lord Kinnock, a former Labour
leader, suggested imposing a 2% tax on assets valued above £10m would bring in
up to £11bn a year.
It’s an enticing idea for some Labour MPs, but there’s
certainly no consensus on whether it would work.
Supporters of a wealth tax say it can reverse inequality
and beat populism. But critics say estimates of how much it raises are
overinflated and international examples (see Spain) haven’t raised much
revenue.
Sensing political vulnerability on Starmer’s left flank,
Badenoch tried to flush out Starmer’s position on a wealth tax.
For now, Starmer won’t go there. “We don’t need lessons”
from the Tories was his response.