On Tuesday 8 September, Arthur Laffer, economist, former adviser to Ronald Reagan and the architect of the Laffer Curve, went head-to-head with Aaron Bastani, co-founder of Novara Media and author of Fully Automated Luxury Communism, in the definitive debate over whether the UK should adopt a wealth tax. The debate was chaired by The Spectator’s economics editor and host of Reality Check Michael Simmons.
Britons face a daunting reality: house prices have risen tenfold since 1980, consumer prices are up 30 per cent in just three years, debt is hurtling past 100 per cent of GDP and the richest 1 per cent hold almost a quarter of Britain’s wealth. Many point to a wealth tax as the solution to making the rich pay their fair share. But would it live up to its promise of raising £30 billion to spend on public services and housebuilding?
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