A protester holds a 'Tax the super-rich' placard during the demonstration.

There’s no two ways about it: cash-strapped Britain is struggling to make ends meet right now.

Keir Starmer was forced into an embarrassing climbdown by his own backbenchers over planned welfare cuts last week, leaving a £5 billion in the nation’s finances.

Sluggish economic growth and higher government borrowing costs are also adding to chancellor Rachel Reeves’ worries.

There’s growing speculation that she is thinking of slashing the special educational needs budget to help make ends meet – sparking fears that another Labour revolt could be on the way.

Reeves told HuffPost UK in March that she was sticking to Labour’s pre-election pledge not to put up income tax, VAT or National Insurance, meaning her options are limited.

So it’s not surprising plenty of campaigners say it’s time for the government to bring in a wealth tax on the super-rich.

How would a wealth tax work?

Former Labour leader Neil Kinnock, who now sits in the House of Lords, re-ignited the conversation about a wealth tax on Sunday.

He said the policy would show fiscal boldness, raise revenue and act as a “substantial gesture in the direction of equity fairness”.

The peer suggested introducing a 2% tax on anyone in the UK with wealth over £6m or £7m, and claimed that would raise £10bn or £11bn per year.

“This is a country which is very substantially fed up with the fact that whatever happens in the world, whatever happens in the UK, the same interests come out on top, unscathed all the time, while everybody else is paying more for gutted services,” Kinnock said.

Labour’s Richard Burgon has advocated for a wealth tax for years.

The left-wing MP told HuffPost UK is “not just a moral imperative” but “a practical solution to some of the biggest challenges we face”.

He even brought a petition – signed by

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