How could a wealth tax work in the UK?

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Last year the consumer champion Martin Lewis predicted that the coronavirus pandemic would make the rich richer and the poor poorer. He was right.

Today The Sunday Times Rich List reveals how the combined wealth of Britain’s 250 richest people has grown by a sixth in the past year, from £566 billion to £658 billion. The number of billionaires has jumped from 147 to a record 171.

Yet an estimated 700,000 people have been pushed into poverty by the pandemic. It would have been more had the government not spent an unprecedented amount supporting workers’ wages. As a result the deficit was £303 billion in the 2020-21 tax year, according to the Office for Budget Responsibility, the highest figure since the Second World War.

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