120 British millionaires have urged new Prime Minister Andy Burnham to increase their taxes. The group, calling themselves the ‘Patriotic Millionaires,’ expressed their willingness to contribute more to help the government allocate additional funds to support its citizens.
In a letter titled ‘Proud to Pay,’ published on Thursday, the millionaires, including sports commentator Gary Lineker and actress Julia Davis, told Burnham: “As millionaires, we have a clear message for you, our new Prime Minister: tax us. We are proud to pay taxes and continue working in the UK.”
The ‘Patriotic Millionaires’ emphasized that “wealth and power have been concentrated in a small group for too long,” which negatively impacts “our country, its people, our democracy, and our environment.” They argued that for a ‘better Britain, this must change,’ and that funds raised from higher wealth taxes could be used to reduce inequality, support public infrastructure, and assist small businesses.
Call for fair taxation
Former professional footballer Gary Lineker stated that the wealthiest individuals in Britain can afford to contribute more, while ordinary Britons struggle daily to make ends meet. “Paying your fair share is a basic British value, but so many ordinary people are already paying more than they can afford,” Lineker said.
He added that “our wealthiest people can do more, and most want to.” According to him, to align with national values, the new government should increase taxes on excessive wealth to create a fairer, better, and more hopeful Britain.
Government response and potential changes
Chief Secretary to the Treasury Emma Reynolds welcomed the initiative in response to questions about the letter on Thursday but did not indicate any potential government consideration of policy changes. “Well, look, this is the fourth day of work for this new government, and obviously, any serious tax changes will be announced during the budget,” Reynolds said on Sky News.
She added: “I welcome the fact that wealthy people are saying they want to pay more. They can pay more.” Reynolds also noted that “there is a relevant link on gov.uk, but we must consider tax policy as a whole, and major tax decisions are only made during the budget formation.”
Prime Minister Burnham, who aims to address the rising cost of living in Britain, previously stated that his administration might “ask for a little more” in taxes, suggesting this could include a wealth tax. “I believe we need a greater sense of fairness, and for people to feel that everything is done correctly and honestly,” Burnham said during a podcast interview on Wednesday.
A recent report by Gabriel Zucman, a professor of economics at the Paris School of Economics, and Ben Tippet, a lecturer in economics and wealth inequality at King’s College London, found that introducing a minimum annual tax of 2% on the ultra-wealthy in Britain — those with assets over £100 million ($133.3 million) — could generate around £10 billion ($13.3 billion) per year.
The report recommended such a tax, stating that it “would bring significant revenue and curb rampant inequality.” According to the ‘Patriotic Millionaires,’ a 2% wealth tax on assets over £10 million ($13.3 million) could generate £24 billion ($32 billion) annually for the state budget, while reforms to capital gains tax could additionally bring in £12 billion ($16 billion).
Source: Al Jazeera
