A call for action on wealth inequality following the outcome of the 2024 UK general election
“Today’s political shift marks an opportunity for positive change and it couldn’t have come at a more crucial moment for the UK. We now have a real chance to address the deep-seated inequalities that have plagued our society for years - and we must make sure our new Government acts. By dealing with raging economic inequality, investing in public services, and creating a fairer tax system, we can build a more sustainable and just nation: one that’s in the service of all people and not just the super rich. We are ready to support this government in making these necessary changes.”
Patriotic Millionaires UK, a group of high-net-worth individuals advocating for action to curb economic inequality through a fairer and more just tax system, welcomes the formation of a new government under Keir Starmer and the UK Labour Party. This holds the promise of a new era, one which could mark the end of maximising the return of wealth to only the very richest and austerity-led governance for everyone else.
Gary Stevenson, inequality economist, best-selling author, and member of Patriotic Millionaires UK said: “Today's political shift marks an opportunity for positive change and it couldn’t have come at a more crucial moment for the UK. We now have a chance to address the deep-seated inequalities that have plagued our society for years - and we must make sure our new Government acts. By dealing with raging economic inequality, investing in public services, and creating a fairer tax system, we can build a more sustainable and just nation: one that’s in the service of all people and not just the super rich. As a group of millionaires we would proudly support policies that promote economic fairness, transparency, and social justice. With measures that prioritise these economic characteristics, the new Labour Government can foster a more inclusive and prosperous society.”
The election in the UK is one of 50 happening around the world, with political instability and extremes as a feature of many happening across Europe.
Stevenson added: “As turmoil and change upends political stability in Europe and the United States, the new Labour Government has the chance to lead our country, and the world, towards a more progressive future: one that delivers a significant shift towards addressing the long-standing and destabilising issues of economic inequality and underinvestment in public services. We should be hopeful about the potential for transformative change under this new leadership.”
In numerous polls UK millionaires and the public alike, support addressing inequality and investing in public services through taxing the very wealthiest. Along with Tax Justice UK, Patriotic MIllionaires advocates at least 10 policies that build a tax regime that is intrinsically linked to redistributive efforts. It is imperative that the wealthiest in society contribute their fair share to help reduce inequality and build a more equitable economy for all.
Stevenson said: “It’s time to get on with the job of governing. We hope the Labour Government now delivers more ambitious economic reforms than what we’ve seen so far. Reforms that ask us, the very richest, to contribute more. The public wants it; millionaires want it; Labour are now in Government. What's stopping them?”
Notes to editors
Ten tax reforms to raise £60 billion for public services and a fairer economy - Patriotic Millionaires UK & Tax Justice UK
UK millionaires support higher taxes on wealth with 62% supporting a 2% minimum tax on billionaires
Nearly three quarters of millionaires polled in G20 countries support higher taxes on wealth, and over half think extreme wealth is a “threat to democracy.”
