A group of 120 wealthy Britons have signed an open letter urging the UK government to increase taxes on the richest individuals. The letter, addressed to Prime Minister Andy Burnham, is part of the "Proud to Pay" campaign organized by Patriotic Millionaires UK. The signatories propose a 2% tax on wealth exceeding £10 million ($13.3 million), aiming to generate around £24 billion ($32 billion) annually, according to fortune.com.
The campaign includes prominent figures such as former footballer Gary Lineker and music producer Brian Eno. The letter emphasizes taxing wealth derived from assets rather than income earned through work. Alongside the wealth tax, the group recommends reforms to capital gains tax, aligning it with income tax rates to boost Treasury revenue by £12 billion ($16 billion) yearly. Additional proposals include strengthening inheritance taxes and targeting offshore tax avoidance, detailed by Patriotic Millionaires UK and Tax Justice UK.
This initiative emerges amid concerns over wealth inequality and tax fairness in the UK. The proposed measures could collectively raise £50 billion ($66.5 billion) annually if implemented. The campaign reflects a shift as some ultra-rich individuals choose to remain in the UK and advocate for higher contributions, contrasting with others relocating to lower-tax regions. The proposals align with public support, with 80% of UK millionaires backing the 2% wealth tax.
The letter was made public this week, marking a significant moment in the UK’s tax policy debate. Patriotic Millionaires UK estimates the combined tax reforms could generate up to £50 billion annually, a figure that could substantially impact government revenue and public spending.