Question to the HM Treasury:

To ask the Chancellor of the Exchequer, if he will make an assessment of the implications for his fiscal policies of the report by Oxfam International entitled Inequality Inc., published on 15 January 2024.

Distributional analysis published at Spring Budget 2024 shows that the overall level of public spending received and tax paid by households continues to be highly redistributive.

The UK has mechanisms for taxing wealth across many different economic activities, including acquisition, holding, transfer and disposal of assets and income derived from assets. The UK also has a progressive income tax system – the top 5% of taxpayers were projected to pay nearly half of all income tax in 2023-24.