‘Preposterous’: LBC callers are divided over proposed wealth tax
"Success is not a sin."
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Ex-Labour leader Neil Kinnock believes Keir Starmer should consider a wealth tax.
Lord Kinnock, who was leader of the Labour Party from 1983 to 1992, said that imposing a 2% tax on assets valued above £10 million would bring in up to £11 billion a year.
Nick Ferrari is doubtful that a wealth tax would do the country any good as he explores the idea with LBC contributors.
'So we lose 15,000 rich men and women and we gain 22,000 penniless asylum seekers'.
A record number of millionaires left the UK last year, with the exodus said to have accelerated after Labour came to power.
0:00 - Nick raises concerns about whether the idea 'makes economic sense'.
02:06 - Caller William hits out at what he believes is an 'absolutely preposterous' idea.
03:02 - Socialist writer and activist, Michael Chessum, debates with Nick.
07:00 - Nick disagrees with caller George, who supports the idea.