Carmarthenshire MP Jonathan Edwards has called on the UK Government to target the super-rich to repay the costs of the Covid-19 pandemic.

Mr Edwards was responding to the Chancellor's Budget for 2021.
He said the real political divide in UK politics was now between those who wanted to see a return to pre-Covid business as usual, and those who wanted to address social and economic unfairness.

Speaking during the Budget debate Mr Edwards proposed a new pandemic tax band on incomes above £300k per annum and the introduction of taxes on held wealth.

Mr Edwards said: “Geographical and individual wealth inequalities within the British State are amongst the worst in the developed world. Far too much investment and wealth is concentrated in one small corner of the UK, in the South East of England. Such imbalances have extremely negative economic and social consequences, not least lower wages and quality jobs in communities such as Carmarthenshire and the subsequent loss of our young people seeking opportunity.

“Pandemics normally are an opportunity for a complete reset, unfortunately the Chancellors Budget indicates that the British Government continue to be in the grip of vested interest.

“The reported £40bn fiscal black hole that the Chancellor now faces should be paid for by the super-rich, not normal working people as was the case after the 2008 financial crash. I want to see the UK follow the US and increase income taxation on earnings above the £300k level b y introducing a new pandemic tax band.

"Furthermore 25 per cent of all held wealth in the UK is held by just 1 per cent of the population. Much of this wealth is dormant, and the British State should follow countries such as Switzerland, Norway and Spain and bring this money into productive use for the greater good.

“Unfortunately instead of radical ideas such as this, all we got from the Chancellor was a Budget that will achieve little in addressing the obvious structural deficiencies in the UK economy.”