Wealth tax should be considered by Treasury, former Labour minister suggests
Anneliese Dodds has argued it is 'important' for the Government to consider evidence set out by the Wealth Tax Commission, which looked at whether such a tax would be desirable and deliverable in the UK.
In its final report, released in 2020, the Commission said a one-off wealth tax on millionaire couples paid at 1% a year for five years would raise £260 billion.
Others in the Labour Party, including former leader Lord Neil Kinnock and Wales's First Minister Baroness Eluned Morgan, have also called for a wealth tax.
Union leaders, including Sharon Graham of Unite, are also pressuring ministers to consider the move.
A tax on the wealthy has not been formally ruled out by ministers, but Business Secretary Jonathan Reynolds branded the idea as 'daft' in June this year.
Ms Dodds resigned as a Foreign Office minister over the Government's decision to cut overseas aid to fund a boost to defence spending in February.
Speaking to Sky News' Electoral Dysfunction, she said work undertaken by the Wealth Tax Commission 'has changed the debate'.
The MP for Oxford East added: 'They looked at the operation of lots of different wealth tax. They looked at all of that evidence and set out how it would be possible to deliver something like that in a UK context.
'I would hope that the Treasury is considering that kind of evidence as well as other changes that have been put forward.
'We've seen the deputy leader of the Labour Party, for example, put forward suggestions. I think it's important for all of those to be considered now.'
On Rachel Reeves' approach to welfare, Ms Dodds said: 'An attempt was made to deal with a quite immediate problem, but I don't think you can, particularly via cuts, actually deliver the kind of fiscal room that is necessary.'
'It may make sense tactically, but strategically a longer-term approach is needed and that's the the big issue that the Government has to face up to,' she added.
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Details regarding dispatch The Scheme Circular has been dispatched to MAC Shareholders and MAC CDI Holders at the Scheme Voting Record Time as follows: MAC Shareholders have been mailed a hard copy of the Scheme Circular and Proxy Forms unless they have made an election to receive communications through electronic means, in which case they have been sent an electronic copy; MAC CDI Holders have been mailed a hard copy of the Scheme Circular and CDI Voting Instruction Forms unless they have made an election to receive communications through electronic means, in which case they have been sent an electronic copy; and other beneficial holders will receive a hard copy of the Scheme Circular and any other voting instruction forms by mail or an electronic copy based on the elections made with the Intermediary that holds MAC Shares on their behalf. A copy of the Scheme Circular is also available for viewing on MAC's website at MAC Securityholders should read the Scheme Circular carefully, and in its entirety, including the materials accompanying it, before deciding how to vote at the Court Meeting and the General Meeting. If, after reading the Scheme Circular, you have any questions about the Scheme or the Scheme Circular, please contact MAC's proxy solicitation firm, Sodali & Co, at: If you are a MAC Shareholder Call toll-free in US:+1 (800) 662-5200Outside of US:+1 (203) 658-9400 If you are a MAC CDI Holder Within Australia:1300 229 418Outside Australia:+61 2 9066 4059 Directors' recommendation The MAC Directors continue to unanimously recommend that Scheme Shareholders vote in favour of the Scheme at the Court Meeting and MAC Shareholders vote in favour of the General Meeting Resolution at the General Meeting in the absence of a Superior Proposal. 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