More or Less: Behind the Stats Could a 2% wealth tax raise £24bn?
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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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Potential of a Wealth Tax
- A 2% wealth tax on assets over £10 million could raise £24 billion annually, according to MP Diane Abbott.
- This figure originates from the 2020 Wealth Tax Commission report, addressing pandemic costs.
Equal Treatment of Assets
- A crucial aspect of a wealth tax is treating all assets equally, including houses, pensions, and business wealth.
- Exemptions can incentivize the wealthy to shift assets, undermining the tax's effectiveness.
International Wealth Tax Examples
- No wealth tax globally functions without exemptions or special treatments.
- The wealthy often lobby for these exemptions, leading to the upper-middle class bearing the burden.