As global inequality surges, it’s time to really start taxing the wealthy

With studies showing the richest have more and more of the money, we need to make sure they’re giving something back, writes James Moore

Billionaire John Caudwell, co-founder of Phones 4u, has vowed to leave the UK if Labour bring in higher taxes (Rex)

Labour had barely unveiled its tax plans, including the reintroduction of a 50 per cent top rate, and a new 45 per cent band, before the squealing was under way from people with no good reason to be doing so. That Jeremy Corbyn. He’s a bally commie I tell you, a commie! He hates us.

You could very easily file those who’ve been negatively opining on Labour and its leader (Mike Ashley, John Caudwell, law firms and accountants with wealth clienteles) under the heading “the usual suspects”. It’s rather a pity we haven’t heard more from the UK equivalent of America’s Patriotic Millionaires, a campaigning group including no less than Abigail Disney, which argues forcefully that wealthy people such as themselves should make a greater contribution. Are they out there?

But will even Labour’s tax plans push the envelope when it comes to the sharp growth in wealth inequality seen across the world?