Sports pundit Gary Lineker, musician Brian Eno, crime writer Val McDermid and researcher Michael Berners-Lee are among more than 100 UK millionaires who have signed an open letter to new Prime Minister Andy Burnham demanding higher taxes on the ultra-wealthy. The letter, organised by the Patriotic Millionaires UK campaign group, is titled “Proud to Pay”.
Open letter calls for wealth tax
“We want you to tax us. We can afford it,” the letter states. “We’re not talking about higher taxes on those who get up and go to work for their income every day, but on the very richest whose income is derived from the wealth they hold.”
Lineker said: “Our fantastic country deserves all of us to get behind it. I’m proud to stand with people across the UK who want to live in a more equal society. Paying your fair share is a basic British value, but so many ordinary people are already paying more than they can afford. Our richest people can do more and most want to. To live up to our national values our new government must raise taxes on extreme levels of wealth for a fairer, better, more hopeful Britain.”
Support for higher taxes
A Patriotic Millionaires poll shows 88% of UK millionaires are proud to live in Britain and 80% support a 2% tax on wealth over £10 million. There is also huge public backing for increasing taxes on the very richest, with 75% of people in support of a wealth tax.
Julia Davies, a member of Patriotic Millionaires UK, said: “This is a fresh opportunity for our country. A chance for the Prime Minister to help rebalance power, reduce the shocking levels of wealth inequality which intensifies the cost of living crisis, and raise much-needed revenue for our public services, improving life for everyone. We millionaires are here to be taxed more and we urge our new PM to grab this opportunity with both hands and tax our wealth.”
Potential revenue from tax reforms
A 2% tax on wealth over £10 million could raise £24 billion a year for Treasury coffers, according to Patriotic Millionaires. Reforms to capital gains tax, including equalising it with income tax, could raise a further £12 billion. These are just two of 10 tax reforms put forward by the group and Tax Justice UK, which together would raise more than £50 billion in a single year.
The open letter to Mr Burnham adds: “As you decentralise political power, you should also disperse economic power. Extreme wealth sitting idle in the hands of a few can be put to work: reducing inequality, investing in sustainable jobs, strengthening hospitals, schools and social care, supporting entrepreneurs with the skills and infrastructure they need, and giving small businesses access to affordable finance. Our wealth is our country’s secret weapon - let’s get serious about using it. It’s time for a better Britain; it’s time for everyone here to feel Great Britain. It’s time to tax us, the super rich.”
The Treasury was contacted for comment.
