Millionaires tell Rachel Reeves: Tax us more or lose to Reform in the next election

Millionaires including former city trader Gary Stevenson have urged the government to “tax the super-rich” in the upcoming budget – or risk a Reform UK victory at the next general election.

The Patriotic Millionaires UK campaign bus arrived in Westminster on Wednesday (19 November), concluding a week-long national tour.

Amid icy sleet, the group – who are calling for a 2% tax on wealth over £10 million, and for the reform of capital gains tax – handed out chocolate bars emblazoned with their slogan: “Tax wealth, not work.”

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Chancellor Rachel Reeves is expected to raise taxes at the budget on 26 November to fill a multibillion-pound shortfall in the government’s coffers.

She has previously ruled out “a standalone wealth tax” – but Patriotic Millionaires have urged her to rethink. They argue that their policy suggestions could raise £36 billion per year.

British YouTuber and author Gary Stevenson – a former financial trader who now campaigns against economic inequality – told Big Issue that the concentration of wealth by the rich is “destabilising society”.

“When you look at places like the city, it’s a lot of people from rich families, who went to private school, went to university, and they don’t really understand what life is like for ordinary people,” he said.

“So they tell themselves these kind of comforting lies… But I think if you’ve actually come from a poor background, you can see what is actually happening at street level is people are working damn hard… and they can’t even pay the bills, never mind buy a house.”

“You know, we’ve got people in this city working jobs that are homeless… people with two university degrees that can’t pay the rent. Something’s broken.”

According to research published by the Resolution Foundation earlier this month, a typical worker would have to save 52 years’ worth of total earnings – £1.3m in total – to move from the middle to the top of the wealth distribution.

As of 2023, the wealth of the UK’s 50 richest families exceeded that of 34.1 million people – more than half the population. This half of the population own just 9% of the country’s total wealth.

“You know, our economy is not growing if the rich are taking a bigger and a bigger and a bigger share… I want people to stop this, like, politics of envy nonsense,” Stevenson said. “This is politics of, can your kids buy a house? Can you turn the heating on?”

The gap in total wealth between the top 10% and bottom 10% in the UK increased by 48% between 2011 and 2019.

Meanwhile, research from Patriotic Millionaires reveals that since 2020 at least one local public service or facility has been shut down every three days because of budget cuts.

Anger at inequality and the sorry state of public services has coalesced, in many circles, around calls for a “wealth tax”. Earlier this month, a coalition of think tanks and campaigners urged Reeves to centre the budget around the cost of living.

A poll for the Guardian found that most (61%) potential Reform UK voters would back a one-off wealth tax on the very rich – though Nigel Farage himself is opposed.

As Labour tanks in the polls, Reeves would do well to consider the frustrations of the impoverished voter, said Stevenson.

“If they don’t deal with growing inequality, living standards will fall… they will lose the next election if they don’t deal with this.”

Critics warn that a wealth tax could discourage investment, drive capital or wealthy individuals abroad, and impose heavy administrative burdens.

Impact investor Julia Davies, a member of Patriotic Millionaires, pushed back on this claim. “It is a myth,” she told Big Issue, propped up by “questionable stats” and an industry dedicated to helping the very wealthy minimise contributions to public services.

Analysis by Arun Advani from London School of Economics found that up to 17% of the people in the wealth tax bracket would leave the country – but that the state could still raise around £10bn a year from a 1% tax on assets over £10m.

Some wealthy people would seek to avoid the tax – but policy shouldn’t pander to them, Davies added.

“Unfortunately, there are some people, and there are some professional sectors that work for some people, and their whole business model is about helping very, very wealthy people contribute as little as possible to public services and infrastructure, because that’s what tax is.

“It’s not funny to pay less tax when you can absolutely afford it. What you’re talking about here is incredibly wealthy people who can afford to contribute a bit more to our NHS, to our schools, to giving our elderly the care that they deserve.”

“Trying to avoid that… is antisocial behaviour.”

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