The speakers, Arun Advani, Emma Chamberlain and Andy Summers explored the issues raised from the Government debt during COVID-19 and evaluated the impact of imposing a one-off 5% tax on wealth in comparison to an annual tax. They explained that whilst a wealth tax may be efficient and raise revenue, it can create challenges, especially around valuing assets and avoiding behavioural responses such as the transfer of assets abroad. Discussions about international wealth taxes in countries such as Norway and Switzerland were mentioned, which we found significantly relevant to our IB Economics curriculum. It was particularly striking to observe how the tax policies we study can manifest in real world economic debates and policymaking. Ultimately, the lecture highlighted just how challenging but vital it is to determine whether a wealth tax could serve as an effective solution for the UK, both now and in the years ahead. 

Rajashvi Hamal, Year 13