RICHARD BURGON demanded a wealth tax on “boom time” billionaires today as the Tory leadership rivals failed to come up with plans to address the skyrocketing cost of living.

And Chancellor Nadhim Zahawi is set to travel to the United States this week to seek joint solutions to the cost-of-living crisis with top bankers and US government officials.

Mr Zahawi’s trip to the US could be one of his final tasks in the job, as whoever emerges as Boris Johnson’s successor on September 5 is likely to install a new chancellor.

The Tories have been accused of being missing in action while many people are facing a frightening winter of soaring energy bills, while neither candidate to replace Mr Johnson has set out in full how they would help households.

Mr Zahawi has insisted that he has been working tirelessly to come up with proposals for more support that either Liz Truss or Rishi Sunak could support.

The Chancellor said: “We have a strong and resilient economy and are easing the burden facing families at home with an unprecedented £37 billion support package, while working flat out to develop further options for a new prime minister.

On Sunday, a member of Truss’s campaign team spokesperson said although she was not ruling anything out, the preference for Ms Truss was “to target this to those most in need.”

But her Tory leadership rival, Rishi Sunak, said that the government must provide some direct support to all.

All households are due to receive £400 off their energy bills this winter.

This was part of a package announced by Mr Sunak in May to help deal with the crisis.

But Leeds East Labour MP Richard Burgon said that while many families would be struggling, “for the super-rich this isn’t a time of crisis at all.

“It’s boom time. The wealth of British billionaires is growing by £220 million per day.

“A one-off tax on wealth above £10m could rise to £86 billion - and provide crucial support for millions.”

Mr Burgon said that it was time to “step up the fight for a wealth tax.”

SNP Treasury spokesperson Alison Thewliss said: “Truss and Sunak are living in fantasy land with their tax promises, or they are knowingly misleading the public on how effective they will be.”

“Either way, their actions — or lack of — are dangerous for the millions who are struggling to make ends meet in this cost-of-living crisis.”