Millionaires urge MPs “tax us, the super-rich” to avoid cuts and invest in Britain
“Tax our wealth” - that’s the message from millionaires in the UK who are taking their campaign across the country and into the capital ahead of the Government’s Spring Statement.
On Tuesday 18 March, Patriotic Millionaires UK will be travelling around London on a ‘battle-style’ bus to tell MPs and the public: a tax of two percent on wealth above £10 million could raise £460 million a week for our country’s crumbling finances.
This single tax reform would affect only 20,000 people, or 0.04 percent of the British population, and would deliver huge national investment potential. It’s more than enough to tackle the £22 billion “black hole” the Government says it inherited; more than enough to deal with the Government’s proposed increase in defence spending; and more than enough to inject much-needed funding into the our crumbling infrastructure and struggling public services, and would help create a fairer, better Britain.
Patriotic Millionaires UK, which brings together the voice of millionaires to call for higher taxes on the super-rich and the end of extreme wealth, will be visiting the Prime Minister’s constituency of Holborn and St Pancras; Kensington - the most unequal borough in Britain; and Westminster, to take their message straight to the heart of Government at the Houses of Parliament.
Julia Davies, an impact investor, entrepreneur and member of Patriotic Millionaires UK, said: “We are in London to drive our message home to the Prime Minister and Chancellor: to fix our country, tax us, the richest. The Autumn budget promised stability - but look where we are five months later. Inflation is rising, utility bills are higher than ever, and the aid budget is being slashed to fund defence.
“Cuts are not the solution, they will only inflict more pain on people who have suffered years of austerity and hardship on top of creaking public services and infrastructure. The Government can boost its budgets without taking a penny away from the public and vulnerable people, by increasing taxes on the super-rich.
“Those with the most should be told to pay their fair share - just like millions of working people do everyday - to help get our country and the economy back on its feet. Seven in 10 UK millionaires support higher taxes on the super-rich and three-quarters of Brits agree with them.
“As patriotic millionaires we would be proud to pay more, to give our country the investment needed to create a stronger, fairer Britain, where our services, businesses, and communities thrive and everyone can succeed.”
London is the third and final stop on the ‘tax our wealth’ tour with Patriotic Millionaires UK having already visited Greater Manchester, Leeds, Plymouth, Cornwall and Bristol on Friday (14 March) and Clacton and Great Yarmouth on Monday (17 March).
Jake Atkinson, Campaign Manager at Tax Justice UK said: “Tax and spending is a political choice. The Chancellor must side with those waiting for housing or healthcare, rather than the super-rich. Taxing the wealth of the super-rich is long overdue and could generate tens of billions to invest in improving the country’s health, education and local services. Rumoured cuts are not necessary when the UK is home to lots of very rich people who continue to get richer while inequality grows and public services struggle to function.”
A wealth tax is just one of the 10 reforms, proposed by Tax Justice UK and Patriotic Millionaires UK, which could raise £60 billion a year combined.
The campaign comes just weeks after Patriotic Millionaires UK and other organisations brought together more than 370 millionaires and billionaires to sign a letter to global leaders attending the World Economic Forum, demanding they draw the line and tax the super-rich.
The letter, We Must Draw the Line, was signed by people including Abigail Disney, Marlene Engelhorn, Brian Eno, and Richard Curtis.
It was accompanied by new survey data which showed 75 percent of millionaires polled think that the super-rich buy political influence and over half of millionaires polled do not think our political leaders have the will to tackle extreme wealth.
ENDS
Media invite and notes to editors
We invite journalists and photographers to join us in London. We have members of Patriotic Millionaires UK available for interview in person, and can also arrange phone interviews on request.
Key routes and approximate timings are:
9-9.45am: Victoria Embankment
9.45-11.30am: Driving around Westminster
11.30am-1.30pm: Around Kensington (including High Street) then into Camden (St Pancras Station)
3.30-4.15pm: Starting at Tower Hill travelling over Tower Bridge and Southwark Bridge, ending at Victoria Embankment.
About Patriotic Millionaires UK
Patriotic Millionaires UK is a nonpartisan network of British millionaires, from multiple industries and backgrounds from across the UK. It delivers a single mission - to leverage the voice of wealth to build a better Britain by changing the system to end extreme wealth and make those with it make their fair and proper contribution.
