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< Back to all posts 14 September 2023

Would Labour tax the super rich more?

One of the UK’s most powerful union leaders is piling pressure on Labour to back higher taxes on wealth.

This week Paul Nowak, general secretary of the Trade Union Council’s (TUC), suggested that a “modest tax on the wealthiest 0.3 per cent of individuals” could raise £10bn a year for public services.

Nowak said: “Labour have already set out what they’ll do on clamping down on non-doms… But we think that conversation needs to go further.”

“With living standards plummeting, public services on their knees, and rampant wealth inequality blighting every corner of the country . . . fair taxation must be a key part of a wider set of policies to help reset the economy to work for working people.”

We can convince Labour

The TUC and its constituent unions represent millions of workers, so Labour will not be able to easily ignore Nowak’s comments.

The public supports what Nowak is saying. New polling shows that 61 per cent of people support higher taxes on wealth.

If Keir Starmer and Labour make it into office at the next general election, they will face public services in an existential crisis.

To truly stop the slide, Labour will need to spend more on public services. According to the party’s own rules, this will probably mean higher taxes. Raising income tax, or other taxes on ordinary households, will be politically difficult – and highly unfair during a cost of living crisis.

Wealth taxes on the super rich, those who can afford to pay a bit more, will be one of their only options.