A coalition of over a hundred UK millionaires, calling themselves 'Patriotic Millionaires', have written to Prime Minister Andy Burnham urging a higher wealth tax to fund public services and reduce inequality.

Key Takeaways

  • 120 millionaires signed a "Proud to Pay" open letter
  • Propose a 2% annual wealth tax on assets over £100 million
  • Government response remains uncertain

A self‑identified group of "Patriotic Millionaires" has sent an open letter to Prime Minister Andy Burnham, urging the government to increase taxes on the ultra‑wealthy. The letter, signed by former footballer Gary Lineker, actress Julia Davies and many other high‑net‑worth individuals, declares they are ready to pay more for a fairer Britain.

The signatories argue that "wealth and power have been concentrated in a small group for too long," harming the country, its people, democracy and environment. They suggest a 2% wealth tax on assets above £10 million could raise about £24 billion annually, while reforms to capital‑gains tax could add another £12 billion.

Historical Background

The UK has flirted with wealth‑tax ideas before; a proposed levy in the early 2000s was shelved after intense political push‑back. Rising inequality metrics and post‑Brexit economic pressures have revived calls from economists for a modern, targeted wealth tax.

Why This Matters

BozokMedia analysis shows that a targeted wealth tax could not only shrink the widening wealth gap but also fund critical infrastructure projects, thereby bolstering public trust in a post‑Brexit Britain grappling with cost‑of‑living pressures.

"A well‑designed wealth tax is one of the most effective tools for enhancing social stability," said Professor Gabriel Zucman.
Current SituationProposed 2% Wealth Tax
No specific annual tax on high net‑worth individuals2% annual tax on assets above £100 million
Limited additional revenueEstimated £24 billion extra revenue per year
Did You Know?: France introduced a 0.5% wealth tax in 2021, generating €1.5 billion in its first year.

Frequently Asked Questions

Q1: Will the tax apply to all millionaires?

A: The proposal targets individuals with net assets exceeding £100 million, not the broader millionaire class.

Q2: How will the raised funds be used?

A: The government says the revenue will be directed toward public health, education and local infrastructure projects.