Former Labour leader Lord Neil Kinnock has advocated for the introduction of a 2% annual wealth tax on assets exceeding £10 million, suggesting that such a measure could generate up to £11 billion annually for the UK Treasury. This proposal is reportedly being considered by Labour ministers as a means to address public finance shortfalls. The Labour Party, under Prime Minister Keir Starmer, has not ruled out the possibility of implementing this wealth tax, with Starmer himself declining to commit either way during Prime Minister's Questions. While Starmer has reaffirmed Labour's manifesto pledge not to increase VAT, income tax, or National Insurance contributions, he has also refused to rule out extending the freeze on income tax and National Insurance thresholds, a policy that could result in fiscal drag for millions of taxpayers. Treasury ministers have similarly declined to rule out prolonging this freeze. Additionally, Starmer has not dismissed the prospect of increasing taxes on pension contributions in the upcoming Autumn Budget. The discussions around these potential tax measures come amid growing pressure on the government to boost tax revenues.