Would a 'wealth tax' work in Britain and could it help pay off the huge coronavirus debt?

Dec 11, 2020, 04:50 PM
This week, a new in-depth report from the Wealth Tax Commission recommended a one-off 'wealth tax' on the richest households rather than hiking taxes for the masses.

It comes as the national debt has spiralled this year as the Government spent more than £280billion tackling the pandemic and its financial fallout, with Chancellor Rishi Sunak claiming the 'economic emergency' has only just begun.

How would it work, could it be a good idea and how unpopular would it prove? Simon Lambert, Lee Boyce and Georgie Frost take a look. 

Elsewhere, millions of mortgage payment holidays have been handed out since March - an agreement with lenders to help homeowners during the coronavirus crisis.

But for one couple who extended the payment holiday, it turned into a credit report headache when they looked to downsize.

In the property market, a new report suggests that stamp duty savings are now being wiped out by house price gains in recent months.

Should investors run to the hills if one of the companies that you are invested in or are tempted by has a big pension scheme?

And lastly, we give yet another update on the port fiasco in Britain, with the perfect storm of coronavirus, Brexit and Christmas.