In response to the Budget, Phil White, member of Patriotic Millionaires UK, said:
This Budget has offered a few token gestures on the cost of living crisis that is hitting people’s lives. But the systemic change this country needs should have started today by fixing how we tax, calling on the wealthiest people like us to start paying their fair share.
This low-key budget doesn’t rise to the challenge of the moment. We now must look to the 10 year plan and fiscal events of 2027 to provide the change that’s needed. But more waiting risks failing the UK public and future generations who deserve a fairer, more just economy.
Equalising Capital Gains Tax with Income Tax would have raised £19.7bn a year, and a 2% tax on wealth over £10m would have raised £24bn. Those are the measures that would have delivered real change.
Instead, today we heard of a new, lower, 10% tax rate for successful founders, but founders don’t build companies for a tax break on the exit - we know this because many of our members are founders. Already wealthy people are now to get a discount on the already low rates of CGT, lower than the rate on work which sits at 20%-45%.
People need more than breathing space - they can’t continue to put up with tweaks that provide small relief to scrape by, but leave their bigger problems untouched.
Our message to the Chancellor continues to be clear: for a more equal, hopeful future, tax us, the super-rich.
