In response to the Wealth Tax Commission’s Final Report calling for a one-off wealth tax, Mark Littlewood, Director General at free market think tank the Institute of Economic Affairs, said:”

“Wealth taxes are counter-productive, risk flight of brains and money, and are extremely difficult to administer. 

“The vast majority of countries that have had a wealth tax later abolished it. Some practical drawbacks would be mitigated by introducing a one-off rather than annual wealth tax, but not all.

“As we emerge from this crisis the government should focus on creating wealth through tax cuts and deregulation, not indulging vain attempts at redistribution.

“There are many bad features of the UK tax system which need fixing, but the absence of a wealth tax isn’t one of them.”

ENDS

Notes to editors

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