Overview

• Neil Kinnock and several Labour MPs have formally backed a 2% levy on net assets above £10 million, projecting annual revenues of around £10–11 billion
• Business leaders warn a levy on the wealthy would drive high-net-worth individuals overseas and fall short of government revenue targets, pointing to OECD data
• Executives in the charity sector caution that taxing the ultra-wealthy could shrink donor contributions by billions and jeopardise funding for healthcare, education and the arts
• Economists highlight significant valuation hurdles and data infrastructure gaps that would make a new wealth tax unworkable for the next Autumn Budget
• Analysts recommend faster fiscal fixes through higher capital gains rates, broader national insurance or property tax reforms instead of an annual asset-based levy