Former Labour leader Lord Neil Kinnock has called for the introduction of a 2% annual wealth tax on assets valued above £10 million in the United Kingdom. Kinnock suggested that such a tax could generate between £10 billion and £11 billion annually for the Treasury, potentially helping to address the government's fiscal challenges. The Labour Party, now in its second year of government, is reportedly willing to explore the implementation of this wealth tax amid ongoing pressures from high debt and interest rates. Labour figures, including Richard Burgon, have indicated that the proposed wealth tax model is supported by tax experts and could realistically raise at least £24 billion, reflecting a broader strategy to balance the public finances through tax reforms rather than solely relying on spending cuts or borrowing.