What would a wealth tax mean for Britain? Ask Chris Blackhurst anything

Welcome to an exclusive Ask Me Anything with me, Chris Blackhurst – business commentator at The Independent.

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Talk of a wealth tax is back. And this time, it’s being pushed not from the political fringe, but from within the Labour Party itself.

Former party leader Lord Kinnock has called for a 2 per cent tax on assets over £10 million, arguing it could raise up to £11 billion a year and help shore up the UK’s finances. His intervention has reignited debate over an “asset tax” on the super-rich.

With five trade unions now backing the idea, and Rachel Reeves refusing to rule anything out, Labour's direction on tax policy is under real scrutiny.

I’ve spent decades reporting from the Square Mile and speaking to the people who keep Britain’s economy turning. And from where I sit, a wealth tax is not just economically risky – it’s a political signal that the UK is no longer serious about prosperity, investment, or growth.

The wealthy, contrary to popular myth, don’t live in a vacuum. They create jobs, fund philanthropy, and help drive economic confidence. Drive them away, and it’s not just the rich who suffer – it’s the exchequer, small businesses, and the very public services Labour wants to support. The UK’s loss is another’s gain. There are plenty of countries lining up to entice the wealthy to relocate.

So what’s really going on here? Is a wealth tax a fair way to close Labour’s fiscal black hole – or a dangerous misstep that could stall Britain’s recovery just as it gets going?

Join me live at 6pm BST on Wednesday, 16 July, as I take your questions and comments on wealth, taxation, and the high-stakes economic choices facing this new Labour government.

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