The leadership crisis surrounding UK Prime Minister Keir Starmer has pushed the question of how Britain should raise revenue back into the political spotlight. On Labour’s left, calls for taxes on wealth, land and capital have gained momentum, especially as critics argue that the country taxes work more heavily than assets.

The most visible advocate is Andy Burnham, whom betting markets see as a leading potential successor to Starmer. Burnham argues that Britain has “overtaxed labor and undertaxed wealth” and has proposed reforming taxes on land, property and business. For his supporters, the goal is to reduce pressure on workers while shifting more of the burden onto asset owners.

Even the more centrist Wes Streeting has backed what he calls a “wealth tax that works.” His proposal would not create a standalone net wealth tax. Instead, it would equalize capital gains tax with income tax, applying rates of 20%, 40% and 45% depending on income and gains. Supporters say the measure could raise up to £12 billion a year, while critics warn it could discourage investment and push capital abroad.

For markets, the message is clear: Labour’s leadership battle could quickly become a fight over Britain’s tax model. If Starmer weakens further, the party’s economic agenda may shift toward a more redistributive approach.