"[Gary Stevenson] has never thought about how a wealth tax works"

What happened in this episode?

The clip centres on a dispute over the political and economic case for a UK wealth tax, prompted by the hosts’ reference to Gary Stevenson’s documentary and interviews with Stevenson and economist Gabriel Zucman. One host recalls sensing that the guest was “offended” by the idea that a wealth tax is the primary fix for inequality and fiscal pressures.

The guest criticises Stevenson’s public warnings that without a wealth tax the country risks an “apocalyptic” outcome, including claims that “our grandchildren will be homeless”. They argue there is a mismatch between such rhetoric and the likely fiscal yield of the kind of wealth tax being discussed, which the guest says would be “best case less than 1% of GDP”. The guest also contends that the forms of inequality they are most concerned about would not be addressed by a wealth tax, and that focusing on the slogan risks diverting political energy away from other tax reforms that are more feasible and could have larger effects.

Asked why they distinguish between Stevenson and Zucman, the guest says they view Zucman as the more serious figure. They go on to allege that Stevenson has not thought through how a wealth tax would work, and recount a first-hand interaction in which Stevenson repeatedly described himself as a leading inequality economist.

What are the key points?

• The discussion is triggered by the hosts’ appearance in Gary Stevenson’s documentary and related interviews with Stevenson and Gabriel Zucman.
• A guest disputes Stevenson’s warning that without a wealth tax the UK will become so poor that “our grandchildren will be homeless”.
• The guest says the proposed wealth tax would raise “best case less than 1% of GDP”, arguing this does not match the scale of the claimed crisis.
• They argue the inequality they most worry about is not addressed by a wealth tax.
• The guest says the “wealth tax” slogan draws attention away from other tax reforms that are more likely to happen and make a difference.
• When asked to separate Stevenson from Zucman, the guest calls Stevenson “not a serious figure” and claims he has not thought through implementation details.
• The guest recounts Stevenson repeatedly calling himself “one of the leading inequality economists in the world” during an interview.

Who is speaking?

Named speakers identified in Egleze's source-linked moments from this episode.

• Unnamed guest

Which topics are covered?

How is this page sourced?

Programme

The Rest Is Politics

Published

14 September 2026

Duration

1m

Original episode

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