Economic cost of Covid crisis prompts call for one-off UK wealth tax

Tax experts and economists outline fairest, most efficient' way to repair public finances and quickly raise 260bn

The government has been urged to launch a one-off wealth tax on millionaire households to raise up to 260bn in response to the coronavirus pandemic, as the crisis damages Britain's public finances and exacerbates inequality.

The Wealth Tax Commission - a group of leading tax experts and economists brought together by the London School of Economics and Warwick University to examine the case for a levy on assets - said targeting the richest in society would be the fairest and most efficient way to raise taxes in response to the pandemic.

How would a wealth tax work?

Related: Make UK super-rich pay one-off wealth tax, says Fabian Society