Hammond 'can raise £7bn a year by scrapping tax breaks'

Resolution Foundation urges chancellor to tighten wealth taxation to boost public sector

Philip Hammond could raise an additional 7bn a year for the Treasury by scrapping tax breaks for the richest in society and tightening up existing wealth taxes, research from one of Britain's leading thinktanks shows.

In a report prepared ahead of the chancellor's government spending review, which is due later this year, the Resolution Foundation said that the additional funds could be raised to help finance the higher spending on public services needed to meet the demand of Britain's ageing population.

Related: Has the time come for a wealth tax in the UK? | Richard Partington