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Tax Wealth or See the U.K. Tear Itself Apart, Cable Warns

  • Former business secretary calls for more inheritance tax
  • Archbishop of Canterbury says U.K.’s economic model is broken
Liberal Democrat party leader Vince Cable.

Liberal Democrat party leader Vince Cable.

Photographer: Simon Dawson/Bloomberg
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The U.K. should increase taxes on property and inheritance or risk tearing itself apart because of growing inequality, Liberal Democrat party leader Vince Cable warned, as Archbishop of Canterbury Justin Welby also weighed in on Britain’s “broken” economic model.

In his first major policy speech since assuming the leadership in July, Cable, 74, said social mobility has waned in Britain during his lifetime, and that the best way to deal with growing inequality is not through raising income tax on higher earners, but by putting levies on wealth accumulation.