Cross-party MPs urge Reeves to impose 2% tax on wealth above £10m

Move could raise £24bn a year say signatories including Jeremy Corbyn as polls suggest public support

A cross-party group of 30 MPs has urged Rachel Reeves to impose a wealth tax on Britain’s rich in next week’s budget rather than announce spending cuts that would hit the most poor hardest.

In a letter to the chancellor, the MPs – including the former Labour leader Jeremy Corbyn and his then shadow chancellor, John McDonnell – say she could raise £24bn a year from a 2% tax on wealth above £10m and lay the foundations for a fairer, more sustainable economy.