Neil Kinnock: Labour should bring in ‘wealth tax’ to balance books
- Former Labour leader Lord Kinnock proposed on 7 July 2025 a 2% wealth tax on assets exceeding £10 million to help plug government finances.
- Kinnock suggested the tax amid concerns about lost savings from recent welfare and winter fuel payment U-turns and growing public frustration with inequality.
- He said the levy could raise up to £11 billion annually, would not fully cover bills, but signals a government committed to equity, supported by Labour minister Stephen Morgan.
- Nigel Farage warned on 7 July 2025 that tens of thousands of top taxpayers are already leaving the UK, citing an exodus of wealth and cautioning about higher taxes.
- The tax proposal highlights fiscal challenges facing Labour and risks dividing the party while aiming to raise significant revenue from the wealthy.
17 Articles
17 Articles
Labour needs money from somewhere – is a wealth tax the answer? The i Paper writers' verdict
The Government has been urged to explore a new wealth tax to plug the hole in its finances caused by recent U-turns on benefits and winter fuel payments.Lord Kinnock, a former Labour leader, told broadcasters on Sunday that the public was “fed up” with the richest going “unscathed” and suggested the policy would be “a substantial gesture in the direction of equity”.He suggested Sir Keir Starmer should consider a wealth tax with a high threshold …
The bottom line? Britain simply can’t afford to impose a wealth tax
As battle lines are drawn within Labour over taxing the super-rich, Chris Blackhurst says that the government must resist Lord Kinnock’s siren call to take a 2 per cent slice of asset values above £10 million – because the country’s economic prosperity depends on it
UK Declines to Rule Out Wealth Tax as Reeves Faces Growing Calls
The UK government declined to rule out imposing a new tax on Britain’s wealthiest people, as Chancellor of the Exchequer Rachel Reeves faces growing calls from prominent left-wing figures to introduce such a levy.
Panic Over Labour Wealth Tax to Fill £30 Billion Black Hole as Millionaires Flee UK – The Daily Sceptic
Alarm has set in as Labour grandees and union paymasters push Reeves to bring in a wealth tax to raise spending and plug a yawning £30bn black hole in Government finances, despite millionaires already fleeing the country.
Coverage Details
Bias Distribution
- 38% of the sources are Center, 38% of the sources lean Right
To view factuality data please Upgrade to Premium