It's time for a fairer tax system where those who buy the most expensive luxury items contribute a little more.

The plan is simple: a new 25% "Luxury Rate" of VAT should be applied to any single item that costs over £10,000. This would typically apply to things like expensive cars, yachts, expensive kitchens, high-end jewellery, while leaving everyday purchases unaffected.

To stop people from dodging the charge, tough new anti-avoidance rules must be put in place to prevent a single big sale from being broken down into smaller fake ones. It’s a straightforward and progressive way to raise substantial funds for our public services.