Owen Smith, one of the two candidates for the Labour leadership alongside Jeremy Corbyn, has called for a wealth tax in order to raise £3 billion.
Smith said that the 50p income tax rate would be reintroduced and that the money raised from the new wealth tax would be used to fund the NHS and reduce inequality.
At a campaign event Smith said:
“I am determined that a Labour government I hope to lead will smash austerity, will end austerity. We will make an unbreakable promise to the British people to guarantee a better future”.