Ms Eastwood said: “Alliance has long called for a wealth tax and after this series of U-turns by the UK Government, it is clear to see that their plan isn’t working, and they know it. The devastating effects of Tory austerity are still being felt throughout our communities 15 years later and Labour austerity would be no different.

“Wealth tax isn’t about increasing taxes for working people. There is extreme wealth across the UK being hoarded by billionaires and multinationals that isn’t being taxed like income. This isn’t just plainly unfair, it’s damaging our economy and ability to invest in our public services. When the top 10 per cent own 50 per cent of the nation’s wealth it’s not controversial to say that the system is broken.

“Our public finances are at breaking point, and a tax on wealth upwards of £10 million is common-sense economics. The Government needs to quit its cowardice. Balancing the books on the backs of the vulnerable is irresponsible, cruel and destined to fail.

“The sooner the Government wakes up the better. Tax isn’t a dirty word, nor is wealth, but inequality is, and the Government needs to do something to address it.”