More or Less: Behind the Stats
Could a 2% wealth tax raise £24bn?
Mar 26, 2025
The discussion kicks off with the proposed 2% wealth tax to potentially raise £24 billion, unpacking the numbers behind it. There’s a deep dive into why the UK has the oldest housing stock in Europe, linking it to the Industrial Revolution. The Office for National Statistics' recent valuation changes on pensions have stirred debate, knocking off £2 trillion from wealth estimates. Finally, the origins and flexible nature of Lent are explored, revealing fascinating historical insights.
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Quick takeaways
- The proposed 2% wealth tax seeks to raise £24 billion by taxing all forms of wealth equally, avoiding harmful exemptions.
- The UK's housing stock is the oldest in Europe, highlighting a longstanding issue of insufficient new housing production since the 1970s.
Deep dives
Wealth Tax Proposal and Economic Implications
The recent proposal for a 2% annual wealth tax on individuals with assets over £10 million aims to generate significant revenue, estimated at £24 billion. This figure originates from the Wealth Tax Commission, which suggests treating all forms of wealth equally, such as real estate, pensions, and business assets, without exemptions. Exemptions are regarded as detrimental because they allow the ultra-wealthy to shift assets into untaxed categories, ultimately undermining the tax's effectiveness. The discussion highlights the complexities of implementing a wealth tax, with international examples showing that those with high-value assets often evade taxation through loopholes.
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