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Chancellor Rishi Sunak is under pressure from campaigners to conduct an urgent reform of inheritance and property taxes, to help recover the £280billion spent in response to the coronavirus pandemic.
A report by the Resolution Foundation has found that official statistics do not account for at least £800 billion in assets held by the wealthiest 1% of people in the UK, and proposed greater taxation as a way to boost crucial public spending.
Jack Leslie, an economist with the Foundation, said:
“The UK has undergone a wealth boom in recent decades, which has continued even while earnings and incomes have stagnated. But official data has struggled to capture these gains, and misses £800 billion of assets held by the very wealthiest households in Britain.
“With the country facing a decade of mounting fiscal pressures, now is the time for Britain to do a better job of taxing its record levels of wealth by reforming our capital gains, inheritance and property taxes.”
Mr Sunak has spent £280billon supporting jobs and businesses during lockdown and has earmarked a further £55billion for this year.
The latest round of coronavirus spending will include £18billion to protect public services, £3billion to fund NHS recovery, £2billion for transport and £3billon for local councils.