DOWNING STREET has declined to rule out a wealth tax after former Labour leader Neil Kinnock said one would help Britain’s finances.

Lord Kinnock, who was Labour leader from 1983 to 1992, told Sky News that imposing a 2 per cent tax on assets valued above £10 million would bring in up to £11 billion a year and be backed by the “great majority of the general public.”

Asked repeatedly whether the government would bring a specific tax for the wealthiest today, Prime Minister Sir Keir Starmer’s spokesperson said that the government “is committed to the wealthiest in society paying their share in tax.

“The prime minister has repeatedly said those with the broadest shoulders should carry the largest burden.”

He added the “government position is what I have said it is” when asked if Chancellor Rachel Reeves had changed her mind over imposing a wealth tax in her autumn Budget.