Could a wealth tax convince young people to vote Labour?

As the budget approaches, pressure is mounting on chancellor Rachel Reeves to introduce a so-called “wealth tax”.

The chancellor reportedly told the budget watchdog – the Office for Budget Responsibility (OBR) – that she planned on raising income tax earlier this month. It was then reported in the Financial Times that she had decided against raising income tax rates.

Campaigners like Tax Justice UK have urged her to introduce a wealth tax instead. It found that a tax of 2% on assets over £10 million could raise up to £24 billion a year – voiding the need for costly increases to the taxes ordinary working people pay.

Research shows that the combined wealth of the 50 richest families in the UK is more than that of more than 34 million people, more than half the population, and that