RECOVERY TAX

That this House agrees with Professor Greg Philo, research director of Glasgow University Media Group, that the UK's current financial deficit could be significantly reduced if the richest 10 per cent. of Britain's citizens paid a one off tax of just 20 per cent. of their personal wealth, which would not have any immediate impact on their quality of life; notes that 74 per cent. of the British public polled recently agree with this proposal; further notes that if this were to happen there would be no need for drastic cuts to public services and armed forces, and there would be less need for major job losses; and therefore calls on the Government to explore how this objective could be achieved, either on a voluntary basis or by legislation if necessary.