The Sunday Times Rich List this morning detailed the huge sums of wealth concentrated in the hands of the UK’s super rich.
The 350 richest individuals and families in the UK hold combined wealth of £795 billion. “A sum larger than the annual GDP of Poland”, The Sunday Times comments.
Meanwhile 3.1 million emergency food parcels had to be handed out to feed people in the UK in the year up to March. A record high.
The Rich List makes for hard reading in this context. I have good news for you though.
People aren’t resigned to this spiraling wealth inequality. They know that the wealth of the super rich can and must be taxed more – to save our public realm.
Public back higher taxes on the rich
Our new research shows there’s a strong public appetite for taxing the super rich more.
A majority (64%) of people in the UK would be more likely to vote for a political party at an election if it was committed to higher taxes on the wealthiest to invest in the NHS and public services.
We put our specific wealth tax proposal to people, and they supported it.
72% of respondents indicated their support for a 1-2% tax on assets over £10 million that would affect around 20,000 people and could raise up to £22 billion a year.
You can read more about our six wealth tax policies that could raise £50 billion a year.
Shut down unfair loopholes
People also support closing tax loopholes exploited by the rich and powerful.
More than four in five people (83%) think that the government should prioritise closing down tax loopholes that are ways of working the system to legally pay less tax.
Our research identifies just 5 tax loopholes used by the super rich, which if closed could raise £7 billion a year.
Taxing the wealth of the very richest is a vote winner and a sensible way to help fix the country.
With an election looming, politicians would be wise to acknowledge this.
A victory in our tax havens campaign
A senior government minister has spoken out against tax havens. We think the pressure from our campaign is getting to him.
Deputy Foreign Secretary Andrew Mitchell said tax havens like the British Virgin Islands must reduce financial secrecy in their jurisdictions.
In comments to think tank Bright Blue, Mitchell said the British Overseas Territories and Crown Dependencies must introduce public registers of company ownership to reduce money laundering.
His comments follow our mass-email campaign to MPs, demanding an end to tax avoidance in British territories.
Over 4,500 of you have sent messages to your MP – demanding action against British tax havens. Including 9 emails directly to Andrew Mitchell MP.
We are making great progress. MPs are reading and being convinced by the emails you have sent. For a government minister to come out in favour of ending tax haven secrecy is truly amazing and testament to our strength.
It is important that MPs understand that this is an issue constituents truly care about. The more emails they receive, the more pressure they will be under to act.