Burnham urged to tackle inequality with policies including wealth tax
Summary
A group of experts has suggested that Andy Burnham introduce a wealth tax, free personal social care, and public ownership of energy networks to reduce inequality in the UK. Their report offers many policy ideas aimed at changing the current tax system and social services before the upcoming budget.Key Facts
- The Compass thinktank collected 70 policy ideas from 15 left-wing thinkers.
- They propose a wealth tax on assets over £10 million to raise about £24 billion a year.
- Ideas include replacing council tax and stamp duty with a property tax based on property value.
- Equalizing capital gains tax with income tax could raise £11.3 billion more, enough to build 90,000 social homes.
- Free personal social care would be funded by a tax surcharge on people over 40 and housing wealth contributions.
- Energy networks could be owned and run by government companies, with regional energy boards set up.
- Universal free childcare is suggested to support families, help children, and improve the economy.
- Some experts warn against following moderate policies that may limit achieving these goals.
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