More than 100 millionaires, including Gary Lineker and Brian Eno, have written an open letter to Prime Minister Andy Burnham urging the government to implement a wealth tax.
The signatories, which include film director Richard Curtis and former Greggs managing director Ian Gregg, argue that extreme wealth has been concentrated in a small group for too long. In their letter to the Prime Minister, the group claims that the UK needs a devolution of wealth and power from the very richest
to reinvest in regional assets.
“We want you to tax us. We can afford it. 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.”
Patriotic Millionaires, via Mirror
The 2% Levy and Proposed Revenue Gains
According to Tax Justice UK, this would impact approximately 20,000 people, representing fewer than 0.04% of the UK population.
Beyond the wealth levy, the group is lobbying to equalise the rates of capital gains tax and income tax.
The potential windfall is significant when compared to other government spending requirements. The proposed wealth tax could cover this gap and potentially fund 600,000 NHS nurses.
Competing Proposals and International Precedents
The Patriotic Millionaires’ proposal is one of several competing visions for taxing the super-rich.
Critics argue these measures are impractical. Tax expert Dan Neidle described the 2% proposal as absolute populist claptrap and the people pushing this would be ashamed of themselves
and noted that European wealth taxes have dwindled from 12 in 1990 to only three today: Spain, Norway, and Switzerland.
Political Pushback and Implementation Hurdles
The proposal has faced sharp criticism from political opponents. Robert Jenrick, economic spokesman for Reform UK, dismissed the letter as virtue signalling
, suggesting that if Gary Lineker and co. wish to pay more, they should write a cheque to the Treasury today – no one’s stopping them
. A Conservative Party source further claimed such wacky policies
would drive investment and jobs out of the country.
The risk of a “wealth exodus” is a central point of contention.
Implementation remains a primary obstacle. Tax Justice UK suggests a system similar to inheritance tax, utilizing self-declaration of asset values by the taxpayer, backed up by a compliance team at HMRC. HMRC could also further develop registers of assets. This would help crack down on dirty money too. However, a report by the independent Wealth Tax Commission in 2020 concluded that an annual wealth tax is a non-starter in the UK
, adding we should fix our existing taxes on wealth instead
.
For signatories like Gary Lineker, the move is about national values. Lineker, who co-founded Goalhanger, a successful podcast production company, argued that the richest people can do more to create a fairer, better, more hopeful Britain
. This push for systemic change now rests with Andy Burnham and new Chancellor John Healey.
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