A ONE-OFF wealth tax on millionaires should be considered if the government decides to raise taxes to pay for pandemic supplies and measures, according to a new report.

The new Wealth Tax Commission, set up during the first Covid-19 lockdown, has suggested a 1 per cent tax on millionaire couples.

Over a five-year period, it would raise £260 billion and would be preferable to increasing income taxes or VAT, the authors said.