The UK’s opposition Labor leadership contender offers wealth tax

The person seeking to become a leader of the UK’s opposition, Labor Party has recently proposed a wealth tax on Britain’s highest earners as part of what he calls a “socialist revolution” in order to please Labor supporters, as The Times newspaper states.     

Owen Smith, currently seeking to replace socialist Jeremy Corbyn as a leader of Labor party, promised a public spending spree financed by approximately 200 billion pounds of extra borrowing as well as taxes on business and the rich that would net up to 13.5 billion pounds every year.

Since the Brexit vote, Labor party has been locked in a fierce power struggle to abandon the European Union, with critics of Corbyn telling he didn’t work effectively to convince the party's voters to support remaining in the bloc.

Smith, who has told Britons should vow again on breaking up with the EU once a Brexit deal is decided, is currently running against Corbyn in a leadership struggle triggered by Labor lawmakers who told they had lost confidence in his ability to lead the political party and win an election.

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