Thursday 18 January 2024


Photo by Evangeline Shaw on Unsplash

This week some of the world’s wealthiest and most influential decision-makers are meeting in the Swiss Alps resort of Davos. 

This is for the annual World Economic Forum meeting, an exclusive Glastonbury festival for the rich and powerful.

Over 100 billionaires are registered to attend the event, alongside more than 2,500 other attendees, including heads of states, senior politicians and business leaders.

The Chancellor Jeremy Hunt, and his opposite number, Shadow Chancellor Rachael Reeves will be in attendance.

Given Hunt and Reeves’ trip to Davos, our friends at the JustMoney Movement are asking people to sign on to their open letter to them, calling for fairer taxes to tackle inequality.  You can sign the open letter here.

Stark inequality

The Davos meeting brings into sharp focus the astronomic inequality of wealth in the world. This week Oxfam released a report that shows the five richest men have doubled their fortunes in the last 4 years, while almost 5 billion people are getting poorer.

With such eye-watering collective wealth on show in Davos, it shines a light on just how much money could be raised for public spending if progressive taxes on wealth were introduced. 

Our Head of Advocacy and Policy, Rachael, spoke with Carole Walker on TimesRadio earlier this week. Check out the clip from the interview, and share it here.
Taking a stand

We’re not the only ones making the case for fairer taxes. Our friends at Patriotic Millionaires UK are putting their collective influence to work to make the case for higher taxes on wealth. 

In fact, they’ve organised a letter signed by more than 260 millionaires and billionaires imploring politicians to be brave and implement a tax on extreme wealth. A poll of high net-worth individuals in G20 countries found that nearly three quarters of millionaires support higher taxes on wealth.

Actor Brian Cox, the star of TV show Succession, is supporting the letter and said: “We are living in a second Gilded Age, billionaires are wielding their extreme wealth to accumulate political power and influence, simultaneously undermining democracy and the global economy. It’s long past time to act.”

While extreme wealth is on display in Davos, we are pushing ahead with our plans for the year to keep banging the drum for fair taxes to invest in Britain.

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