YORK MP Rachel Maskell has suggested the government should impose a tax on people's wealth, such as assets including shares, pensions and homes.

The MP said on twitter: "I note the interest in a #WealthTax For people with assets worth over £500,000.

"If they''re charged just a 5 per cent wealth tax over 5 years, this would generate a staggering £260bn according to the LSE. Taxing investments, shares, property & the other assets owned; it protects the poorest."

Ms Maskell further commented: "Just to add, this was also supported by the International Monetary Fund (IMF).

"While much work needs to be undertaken we need to explore far more redistributive forms of economic policy."

Some five of 36 countries in the OECD imposed wealth taxes on their citizens in 2019, down from 12 in 1990, with reducing inequality as one of the goals.

Examples include Spain, France, the Netherlands, Switzerland, Belgium and Norway. Iceland and Denmark have revoked their wealth taxes and Germany has rejected the idea.

In December 2020, a Wealth Tax Commission involving the London School of Economics and the University of Warwick suggested a one-off wealth tax to cover Covid-related deficits in preference to increased taxes on work and spending.