Why wealth taxes don’t work
The nation owes the former Labour leader Neil Kinnock an eternal debt for losing the 1992 general election when he was clear favourite to win it, thereby sparing us whatever socialist folly he might have brought to Downing Street. I salute him again for popping up to propose a 2 per cent wealth tax on fortunes above £10 million that might raise a supposed £11 billion for the hard-pressed Chancellor – thereby bringing into sharp focus the vague threat that several cabinet ministers have studiously refused to rule out. Pressure is building on Rachel Reeves from backbenchers, unions and anti-poverty campaign groups to mount a raid on the rich in
