Wealth taxes could raise £10bn to help plug Tory budget hole, say economists

Britain’s chancellor Rachel Reeves, centre, at a meeting of the national wealth fund taskforce at 11 Downing Street. Photograph: Justin Tallis/AP

Rachel Reeves could quickly find around £10bn a year to plug half of the fiscal hole left by the Conservatives if she were to raise taxes on soaring levels of unearned wealth, according to leading economists.

New research by the independent Resolution Foundation published today finds that Britain is a country of “booming wealth” but “busted wealth taxes”, leaving ample potential for the chancellor of the exchequer to raise desperately needed funds by raising taxes on the richest.