Imran Hussain

Contribution

What we need is a wealth tax. Working families need help now. The Government could raise more than £50 billion a year through a 2% wealth tax on assets over £10 million, equalising capital gains with income tax, cracking down on corporate tax avoidance and implementing a windfall tax on record bank profits—these are modest, moral and reasonable steps. They are what is needed to fund immediate support for struggling families. With that revenue, we could deliver emergency measures immediately to alleviate the cost of living, including not only scrapping the two-child cap, but having direct cost of living grants, introducing more free school meals, tripling the household support fund and relinking local housing allowance to real rents, together costing just £23 billion—less than half of what fair taxation would raise. Frankly, we need to go further. The measures I have outlined would provide a lifeline to struggling families in all our constituencies. It is what our constituents expect of us, and it is about time we delivered that for them.

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