It is the issue that has set the Norwegian general election alight: whether to keep, cut or abolish the national wealth tax. As the country prepares to go to the polls on Monday, Norway is in the grip of a ferocious national argument that is likely to rumble on whichever party wins.
In an economy less then a seventh the size of Britain’s, the formuesskatt raises about 32bn kroner (£2.4bn). Multiply that by the difference in GDP, and the same rules applied in the UK could raise more than £17bn – serious money in tax terms. Defenders say the wealth tax has another benefit. They see it as the cornerstone of a progressive tax system that has helped to create one of Europe’s most equal societies.
