Professor Greg Philo explains a popular plan to pay off the UK's national debt by levying a one off 20% tax on the wealth of the richest 10% who own £4,000bn (an average per household of £4m). Philo argues that this measure would pay the national debt and dramatically reduce the deficit, since interest payments on the debt are a large part of government spending:
http://www.youtube.com/watch?v=cV5Ju18A8Ow&feature=youtube_gdata_player The case was set out in a Guardian article back in August 2010:
http://www.guardian.co.uk/commentisfree/2010/aug/15/deficit-crisis-tax-the-rich
