A recent survey has revealed that the majority of Britain's millionaires are willing to pay higher taxes to support the country, challenging concerns about a potential exodus of the wealthy. The study, conducted by the network Patriotic Millionaires UK, polled over 500 individuals with assets exceeding £1 million.
Key Findings
The survey found that 79% of millionaires would accept higher taxes if it meant creating more opportunities for young people. Additionally, 64% believe the government should increase taxes on the wealthiest to reduce taxes for everyone else. These figures come amid ongoing debates about wealth taxation in the UK.
Pride in the UK
Notably, 88% of respondents expressed pride in living in the UK, with only 9% concerned about other millionaires leaving the country. Instead, the biggest worries were the departure of doctors, business owners, and young people. Phil White, a member of Patriotic Millionaires UK, commented: "Millionaires like us know how lucky we are to live in the UK and, as this polling shows, we are more than happy to invest in our country's future."
Support for a 'Settling-Up Fee'
The survey also indicated that 59% of millionaires support the concept of a "settling-up fee" for those who build wealth in the UK using its infrastructure and services before leaving the country. White added: "Most UK millionaires said they are proud to live in the UK because of our nation's culture and history, followed by pride in their family and friends, the UK's creativity and innovation, and our great outdoors - but the reality is all of these things will be at risk unless we reduce inequality."
Contrast with Previous Research
These findings contradict earlier reports, such as one from last year suggesting that half of UK millionaires would consider leaving if a wealth tax were introduced. Patriotic Millionaires UK dismissed those reports as "misleading." Business secretary Peter Kyle acknowledged in November that Labour's tax rises might have prompted some wealthy individuals to leave, but this new survey suggests a different sentiment among millionaires.
White concluded: "The best way to reduce inequality and raise much-needed money for our country and public services is to tax the super rich. Working people support raising taxes on the very richest, as do millionaires, and we urge the Government to support it too."
