Thursday, 22 May 2025

FACTS OF LIFE FOR YOU AND KEIR STARMER'S LABOUR GOVERNMENT TO PONDER

 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:

Tax wealth to stop cuts

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


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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