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Story summary
- The UK Chancellor is expected to raise taxes on November 26 to address a multibillion-pound budget gap, ruling out an income tax hike.
- The Green Party proposes a wealth tax of 1% on net worth above £10 million, rising to 2% above £1 billion, claiming it could raise £14.8 billion annually, with Greenpeace and Oxfam backing the idea and presenting a petition of 575,000 signatures.
- IPPR advocates taxing the wealthy and reforming property taxes to fund public services and address the cost of living crisis.
- Experts warn the wealth tax could be risky and yield less revenue.
