Wes Streeting has set out plans for a wealth tax that would see capital gains equalised with income tax.
Streeting, who has made clear he intends to stand in a leadership contest to replace Sir Keir Starmer, said the current system is not fair.
He told the BBC Political Thinking podcast: ‘A pound made from simply owning assets should not be taxed less than a pound made from a hard day’s work.’
He says the plans will raise £12billion for the Treasury, as he makes his pitch to left-leaning Labour Party members who have long called for wealth taxes.
But with the tax burden already
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