Starmer sneers at wealth taxes

This week, the Prime Minister used his big conference speech to call all those advocating for wealth taxes “snake oil merchants”. Yes, we were shocked too. Why pick on those fighting for a fairer tax system? It only makes sense if the government isn’t serious about challenging corrosive billionaire wealth.

The day before, the Chancellor made a lot of promises about investing in public services and tearing down barriers to opportunity; whilst somehow entirely avoiding talking about addressing the growing wealth concentration at the top of society that is preventing this from happening.

But whilst the government sneered at the 75% of the UK public who support taxing the super-rich, dozens of their own MPs were cramming into side events — hosted by ourselves and our allies Patriotic Millionaires UK and War on Want — to hear more.

It seems that the Labour leadership is divorced not just from the public, but their own MPs and members too. This gives me hope.

As John McDonnell reminded us, this wouldn’t be the first time Labour resisted pressure from their MPs and the public… before U-turning. Just like we made them reverse planned disability benefit cuts in August — if we all work together we can make them do the right thing in the Budget this November, and announce the wholesale reforms to our unfair tax system.

The truth is, the growing divide between Labour’s rhetoric and its policies is unsustainable. Starmer’s address to the nation was a break from his recent anti-immigration rhetoric finally calling out the politics of hate and division being pushed by Farage’s Reform party.

But if he’s serious about a “Britain that works for all”, then he’ll need to address the greatest obstacle to economic growth and young people flourishing we face: inequality.

The government is so desperate to deliver growth, but when they allow the super-rich to hoard ever more obscene wealth, inequality deepens, there’s less for others to spend; competition is stifled, and talent is lost.

Fixing the state we’re in will take more than waving flags, closing your eyes and shouting “Britain isn’t broken”. If the Prime Minister really loves the people of the UK, he must fundamentally change our economy so it is no longer rigged against them, and help bring about the change people so desperately need.

He could start by ruling out the massive £5 billion tax break for American tech giants, which the Chancellor may look to quietly hide in her November Budget.

The government’s autumn Budget will be a watershed moment. We will find out if they plan to change the tax system to prioritise everyday people and our needs, or if their calls for unity are hollow and they plan to continue representing the interests of the super-rich.

Will we see bold action: wealth taxes, accountability for tech giants, and investment in public services? Or will it be more handouts to billionaires, cuts to essential services, and heavier burdens placed on working families?

We have two months to remind MPs who they work for. But make no mistake, powerful lobbyists representing the billionaires and their media, will be working hard to maintain their hold on our government. We hope you’re ready for the fight.