Millionaires Demand Higher Wealth Taxes, Citing Billions in Potential Revenue
Patriotic Millionaires UK calls for 2% levy on fortunes over £10 million, projecting £24 billion annually for the Exchequer.
Carla Rooney
Over 100 British-based millionaires have publicly urged Andy Burnham to implement increased taxes on their wealth, asserting such a measure could generate billions for the UK each year.
The Patriotic Millionaires UK campaign, mirroring its 2010 American predecessor, issued an open letter Thursday, specifically advocating for increased taxes on wealth, distinct from income earned through daily labor.
Prominent figures have endorsed this radical proposal; musician Brian Eno, former Greggs chairman Ian Gregg, economist Gary Stevenson, and investor Julia Davies all affixed their names to the document.
Gary Lineker, a notable signatory, declared, "Paying your fair share is a basic British value, but so many ordinary people are already paying more than they can afford." He added, "Our richest people can do more and most want to. Our fantastic country deserves all of us to get behind it."
Paying your fair share is a basic British value, but so many ordinary people are already paying more than they can afford.
A Treasury minister, refusing to dismiss the possibility of a 'wealth tax' at the upcoming Autumn Budget, confirmed the proposal has entered official government discourse.
Chief Secretary to the Treasury Emma Reynolds acknowledged the offer, stating that tax policy announcements occur exclusively during the Budget. She welcomed the willingness of affluent individuals to contribute more.
The Patriotic Millionaires UK campaign declares that 80% of UK millionaires support a 2% tax on wealth exceeding £10 million. This indicates a broad internal consensus among the nation's wealthiest.
They argue this proposed tax increase would bypass those earning daily income, instead targeting individuals whose primary income stems from assets. The aim is a 'devolution of wealth and power from the very richest' and a more equal society.
John Healey, outlining his priorities as Chancellor, emphasized fiscal discipline, economic growth, and support for British businesses. He focused on wealth creation and curbing the cost of living and doing business.
The Sunday Times Rich List reveals a significant shift in the landscape of extreme wealth, with Britain experiencing a decrease of 20 billionaires over the past four years, leaving 157.
The Adam Smith Institute claims the number of sterling millionaires in Britain currently stands at its lowest point since the 2008 financial crash. This illustrates a changing economic environment.
Quentin Letts contends that the proposed wealth tax would likely deter hundreds of less 'saintly' multi-millionaires. He predicts this exodus would result in billions more in lost tax receipts than the projected £24 billion reaped.
Miriam Cates directly opposes the proponents' views, claiming a wealth tax would completely discourage individuals from growing businesses, employing people, and creating wealth within the UK.
Andy Burnham previously indicated a political openness to such measures, suggesting he might need to request more tax at some future point.
The 'Proud to Pay' letter signatories maintain that increased taxes on wealth could fund inequality reduction, bolster public services, and support small businesses.
The open letter asserts that extreme wealth, currently idle in the hands of a few, can be activated to reduce inequality, invest in sustainable jobs, strengthen hospitals, schools, and social care. It can also support entrepreneurs and provide small businesses with access to affordable finance.
The Patriotic Millionaires UK campaign group declares, "Our wealth is our country’s secret weapon – let’s get serious about using it."
Our wealth is our country’s secret weapon – let’s get serious about using it.
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