UK finance minister Healey weighs wealth tax options ahead of October budget

Britain’s Chancellor of the Exchequer John Healey is actively exploring wealth-targeted tax measures as he prepares for his first budget on October 28, a move that could reshape the fiscal landscape for the country’s wealthiest residents. The deliberations come as Prime Minister Andy Burnham’s government faces a familiar squeeze: borrowing costs are climbing, and spending commitments on social care and defense keep growing. What’s on the table No formal proposal for a new annual wealth tax has been confirmed. Campaigners from Oxfam and Tax Justice UK have been pushing for a 2% annual levy on assets exceeding £10 million. Research from the University of Warwick estimates such a tax could generate roughly £24 billion per year. The Institute for Fiscal Studies has already flagged one of the most stubborn obstacles: figuring out what wealthy people’s stuff is actually worth. Publicly traded shares have clear market prices. A private business, a collection of rare art, or a sprawling agricultural estate? Those valuations get messy fast. Burnham’s broader tax fairness agenda Prime Minister Burnham has repeatedly signaled his belief that wealth is undertaxed relative to labor in the UK. H...