[4][5] The COVID-19 recession lead to a sudden fall in economic activity and a massive increase in government spending.
In the UK, this resulted in the largest deficit in peacetime history, reinforcing the need to raise taxes in order to repair public finances in the long run.
[7] The three Wealth Tax Commissioners are Arun Advani, assistant professor of economics at the University of Warwick, Emma Chamberlain OBE, Barrister at Pump Court Tax Chambers, and Andy Summers, associate professor of law at the London School of Economics.
[8] They commissioned evidence on all aspects of a wealth tax in the UK from a large international network of more than 50 tax experts with backgrounds in, among other disciplines, economics, law and accounting, resulting in a vast collection of up-to-date papers on wealth taxation that is relevant beyond the UK context.
The introduction of an annual wealth tax with a high threshold in addition to these reforms could be justifiable in the view of the Commission if the government aims to reduce wealth inequality through tax policy and redistribution, but it does not take a stance on whether that in itself is a desirable goal.