Wealth tax of 0.5% could cover UK’s share of loss and damage fund, says charity

International fund set up at Cop27 is intended to provide compensation to countries worst hit by climate breakdown

A tax on wealthy Britons of just 0.5% could more than meet the UK's entire fair share" contribution to the international loss and damage fund established to support countries worst hit by global climate breakdown, a charity has suggested.

Taxing 5p of every 10 of individuals' wealth over 1m would raise 15bn a year by 2030, well in excess of an estimated $15bn (12bn) UK contribution to the new fund, according to an analysis by the anti-poverty campaigners Christian Aid.