Several prominent figures within the UK Labour Party have recently advocated for the introduction of a wealth tax to address growing public finance challenges and economic inequality. Economist Thomas Piketty urged Labour leader Sir Keir Starmer to implement such a tax. Anneliese Dodds, Labour’s former shadow chancellor, emphasized the need for the Treasury to consider a wealth tax to close the widening fiscal gap. Rachel Reeves, the current shadow chancellor, also supported the idea, highlighting the disproportionate tax burden on the bottom 20% of earners compared to the richest 20%, and noting that the top 1% hold more wealth than 70% of the population combined. Reeves has called for taxing the super-rich to reduce inequalities and has acknowledged that Labour has disappointed people during its time in government. These comments come ahead of the upcoming Budget, where the potential introduction of a wealth tax is under consideration.