£2.5k cost of a Labour wealth tax

ATAX grab by Labour on people’s homes and savings could land six million people with an annual bill of £2,500.

A wealth tax – similar to one in Norway – has been suggested by leader Sir Keir Starmer and shadow chancellor Anneliese Dodds.

The Conservative Research Department came up with their estimated cost to Britons after studying the Scandinavian model.

It sees 500,000 Norwegians pay a 0.85 per cent annual charge on assets of £126,000 or more.

Paul Falvey, a tax partner at business advisory firm BDO, believes “a UK wealth tax would probably take account of homes”.

Sir Keir said: “We are saying to the Government, look at the idea of a wealth tax.those with the broadest shoulders should bear the greatest burden.”