There are also plans to remove the upper earnings limit (UEL) that restricts the amount of national insurance paid by taxpayers liable for the higher tax rate. This would affect one in five taxpayers who currently pay 40% tax rate.

The key tax proposal is a wealth tax of 1% annually on assets above £10m and of 2% on assets above £1bn, which the Greens said would affect ‘only a tiny minority of people would pay this tax’.

It will also reform capital gains tax (CGT) to align the rates paid by taxpayers on income and taxable gains. This would affect less than 2% of all income taxpayers.