Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what assessment she has made of the impact of wealth taxes on national economies in countries where they exist.

The Government is committed to making sure the wealthiest in our society pay their fair share of tax. That is why the Chancellor announced a series of reforms at Autumn Budget 2024 to help fix the public finances in as fair a way as possible.  These and other decisions announced at the Budget will help repair the public finances and fund public services such as the NHS and education.

According to the latest OECD data, the UK raises more from taxing wealth both in revenue, and as a proportion of its tax base, than Spain, Switzerland, and Norway.