CHANCELLOR Rishi Sunak has been urged to resist rising pressure to increase wealth taxes in a bid to restore the country’s post-pandemic finances.

The influential Resolution Foundation is pushing for the Chancellor to restrict relief on capital gains tax and inheritance tax and introduce a council tax supplement of one percent on properties worth more than £2million. In a report published today the foundation argues that the wealthiest one percent of households are £800billion richer than originally thought, taking their total share of wealth from 18 percent to 23 percent.

The Foundation argues that the cost of the pandemic and an ageing population will cause health and welfare spending to rise by £38billion a year by 2030 so “wealth taxation will need to play a bigger role in the UK economy” in this decade.

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