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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.
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  • 38% of the sources are Center, 38% of the sources lean Right
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The Telegraph broke the news in London, United Kingdom on Sunday, July 6, 2025.
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