POLL: Majority of MPs Support Wealth Tax Over Spending Cuts
Patriotic Millionaires UK is calling on the government to introduce a wealth tax.
A poll of MPs conducted by Survation on behalf of Patriotic Millionaires UK found that 53% of MPs polled supported the introduction of a wealth tax on individuals with assets exceeding £10 million, rather than implementing further cuts to public spending.
Amongst Labour MPs, support for a wealth tax is even stronger, at 58%.
Only 14% of the Labour MPs polled indicated support for further cuts to public spending over a wealth tax. Full tables are available here.
Labour MPs are four times more likely to support a wealth tax than to endorse further cuts.
The survey, which polled 100 Members of Parliament between 23rd April and 13th May 2025, highlights a growing consensus among MPs that in the context of constrained fiscal headroom, taxing the super-rich is preferable to making further cuts to government spending.
With the Comprehensive Spending Review approaching, Patriotic Millionaires UK is urging the UK Government to take decisive action to rebalance the UK tax system. Implementing a wealth tax would not only help protect vital public services but also ensure that those with the greatest wealth contribute fairly during times of fiscal constraint. It is just one of a slate of policies we campaign for in partnership with Tax Justice UK.
Government action to increase wealth taxes on the super rich is needed now.
Further Reading
In the latest edition of Renewal, a journal for social democracy, the economic historian Jim Tomlinson’s paper Built on Sand argues that economic growth doesn’t automatically increase tax revenue because wealth is increasingly concentrated at the top. ”As a result, potential tax revenues now depend less on economic growth than on the political and technical feasibility of taxing current wealth stocks.” We couldn’t agree more.
Tax Justice UK handy explainer - How Would a Wealth Tax work?
Methodology
Online interviews of 100 UK Members of Parliament, conducted by Survation between 23rd April – 13th May 2025.
