A clip of Jeremy Corbyn responding to calls for the introduction of a ‘wealth tax’ is going viral on social media.
In the video, posted on the former Labour leader’s ‘X’, formerly known as Twitter, account, the MP for Islington North is heard asking “what is wrong with that?” in response to a question on redistributing wealth.
Speaking on LBC’s Cross Questions, Corbyn said: “If you do it on wealth over £10 million, for example, so you’re not hitting somebody who happens to live in a house that’s worth around £1 million which in London and the South East isn’t that unusual.
“I think if you go for people with a substantial amount of wealth and tax them on it, what is wrong with that?
Recalling his time as Labour leader, he added: “I remember talking to the CBI about this. I was trying to persuade them about what a good idea it would be to increase taxation.
“And they were all staring at me – lots of them – and the point I just made was: OK. I get you don’t want to increase tax. I get you don’t want pay any more tax.
“But are you happy walking past rough sleepers when you go to your office on a Monday morning. Just ask yourself that question. What kind of society do you want to live in?”
It follows the former Labour leader’s recent jibe at Keir Starmer and Rachel Reeves following the announcement the party would not implement a wealth tax if elected.
The shadow chancellor had previously backed a tax on wealth to raise £12 billion for the economy, but since back-stepped claiming that “growth, not taxation” is the best way forward for Britain.
It follows Starmer’s confirmation that he would retain the two-child benefit cap – despite mounting calls for the limit to be abandoned.
Reacting to the u-turn, Corbyn urged the Labour leader to “side with those in need”.
He added: “With the money raised from a 1-2% wealth tax on assets over £10 million, we could afford to scrap the two-child benefit cap 17 times over.
“Politics is about choices – and we should be on the side of those in need, not those with greed.”
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