I am grateful that Tax Justice has been created and that we still live in a society where its truths can be disseminated. Here is its latest mailing - but first an image that illustrates the first cycle of austerity this country was compelled to endure between 2010 and 2015 under Cameron, Osborne, and Clegg.
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Dear Rob, The Times Rich List just revealed
how much wealth is concentrated in the hands of a tiny number of people.
Let’s unpack what it showed. Firstly, the number of
billionaires in the UK has increased
from 15 in 1990 to 156 in 2025. Secondly, the scale of their
wealth is comparable to nation states’ economic output: the 350 richest
individuals and families on the Rich List hold
combined wealth of £772.8 billion, more than the GDP of countries like
Belgium, Argentina or Ireland. Thirdly, wealth inequality is
surging: the UK’s 50 richest families hold
more wealth than 50% of the population. Our partners at The Equality
Trust analysed
the rich list and found that billionaires have become ludicrously more
wealthy since the rankings have been published. Their research found that over half of total billionaire wealth comes from property, inheritance and the finance sector – all sources of wealth that significantly contribute to society's struggles.And the rest of us? All the while, record numbers of
people are using food banks in the UK; many can’t afford to turn the heating
on in cold weather; the government is slashing social security; and our
public services are falling apart. This cannot go on. Our country
has the sixth biggest economy in the world – we have the ability to look
after everyone properly. The Rich List should be a reality
check for the government. They should listen to millionaires who say
they want to pay more tax. Tax wealth more We have the means to tax the
wealth of the super rich more. It’s just a case of political will. A wealth tax of 2% on fortunes
worth over £10 million could raise
£24 billion a year. This is a game-changing amount of
money. Enough to repair our public services and seriously alleviate poverty. Our friends at Patriotic
Millionaires UK calculate a 2% wealth tax on just the UK tax residents on the
Sunday Times Rich List could have raised
over £160 billion for the UK over the past 32 years. Another proposal (from the New
Economics Foundation) is to introduce an Extreme
Wealth Line – like the extreme poverty line at the other end of the
spectrum – where any wealth above a certain amount (in the tens of millions)
is aggressively taxed. Sign our petition if you agree the government must tax the super rich
more:
We launched this petition earlier
this year. If you’ve already signed it, please share this message on social
media instead. Share on Bluesky.
Share on X.
Share on LinkedIn. Taking action People are not willing to stand
by and do nothing as billionaire wealth explodes, at the expense of the rest
of us. When the Rich List was published,
youth campaign group Green New Deal Rising held a demonstration
outside the exclusive private members’ club White’s, in Mayfair. They were there demanding the
rich pay up, and drawing the link between wealth inequality and the surge in
youth club closures in recent years. It's time for the government to
listen and make sensible choices to fix our country. Taxing wealth can raise
tens of billions to invest in the economy and improve everyone’s living
standards. The UK should be a place of hope
and prosperity, where people have opportunities and don’t have to worry about
putting food on the table. It can be. That starts with politicians
being bold and taxing the super-rich more so that everyone can benefit. Thank you, Jake Atkinson Campaigns Manager
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Thank you, Jake, for this. Green New Deal Rising is referenced above; they are the future, they are the young; I am delighted to be a contributor to their funds - all contributions are welcome, however small. All of us may ask "What can we do?" - there are still paths to follow in solidarity with those who are neglected and exploited.
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