Tax wealth to pay for ageing UK population, says thinktank

Public spending will rise by 76bn a year, requiring income and wealth to be taxed more efficiently and fairly

Wealth taxes will be needed to fund a 76bn a year increase in government spending by the end of the decade, caused by an ageing population and more expensive healthcare, a thinktank has said.

The Resolution Foundation said the UK was on course to see the size of the state match that of Germany by 2030, and warned new methods of raising money to pay for higher spending would be needed.