Is it really time for a wealth tax?

‘The only question with wealth is what do you do with it?’ (John D Rockefeller)

We find ourselves as a nation facing exceptional circumstances – not to mention exceptional public finances. Just a few recent statistics suffice: a conservative estimate of the overall public finance cost of Covid-19 in the UK is £300bn according to the Office for Budget Responsibility.

Latest reports show that the UK borrowed £128bn in the quarter to June. The deficit of tax receipts over public spending between April and June was £174bn compared to £20.3bn for the same period in 2019/20 and far greater than the previous quarterly record of £76.8bn in the fourth quarter of 2009 at the height of the last crisis. Unsurprisingly Chancellor Rishi Sunak stated on 21 July: ‘I am also...