Wes Streeting's leadership pitch

Streeting has proposed a radical 'wealth tax that works,' which would equalize capital gains tax with income tax to raise an estimated £12 billion a year.

He argued the current system unfairly penalizes work while allowing asset-based wealth to accumulate with minimal contribution to public services.

The pitch is seen as a strategic move to win over the Labour left ahead of an expected leadership challenge to Prime Minister Keir Starmer.

While some senior Treasury officials have backed the plan as 'workable,' critics warn it could deter investment and further destabilize the UK economy.