RELEASE: Millionaires Call for a Total U-turn on Government’s Economic Plan

As the Conservative Party continues to argue over the virtue of cutting taxes for the very richest, 44 millionaires issue a letter addressing the Prime Minister and Chancellor, urging them to u-turn on their entire economic ‘growth’ plan.

In the letter organised by Patriotic Millionaires UK entitled Reverse and Raise, signatories state that it’s not enough to simply roll back on the 45p tax rate. ‘Let us be crystal clear: those of us with wealth, who believe in our country, do not want our taxes cut. We want the opposite. We do not want to be richer at the expense of our country. We want our country to be richer, stronger, and more resilient at the expense of us.’ 

“What we’ve seen from the last 10 days is a rock solid commitment to making sure the richest in society get richer” said Gemma McGough, entrepreneur and member of Patriotic Millionaires UK. “Even with the roll back on the 45p tax rate, the economic plan plainly sets out what we already knew  - this is a Government for those with extreme wealth, rather than a Government for the country.”

The Prime Minister, and others on the front bench, have continued to state their support for tax cuts for the richest - an approach to the economy that the millionaire group say may ‘cost us our country’. The cuts to corporation tax, reduced taxes on dividends, and the removal of the cap on bankers bonuses signify a continued concentration of wealth for those who already have it. Such cuts have come under further scrutiny as both welfare and public spending may have to pick up the bill. A direct comparison has been drawn between the £18.7 billion cut to corporation tax for the biggest companies, with the proposed £18 billion savings the Government wants to make to public services. 

“This blind commitment to making sure the richest get richer is a serious and immediate threat to our economy, to our country’s shared public services, and the lives and livelihoods of the poorest and middle class people in Britain”, McGough continued. “At a time when we need investment that strengthens our economy we have a Government in chaos, arguing over how they can cut taxes on extreme wealth. Something's got to give and it can’t continue to be the British people. Millionaires like me want our wealth to be taxed; our country needs it to be taxed. It is the patriotic thing to do.”

ENDS//

For more information contact Rebecca Gowland, rgowland@patrioticmillionaires.org, 

07968 821093

Notes for Editor

The “Reverse & Raise” letter campaign and list of signatories can be foundhere. Patriotic Millionaires UK spearheaded this letter campaign, among high net worth individuals in Britain. In the letter, the signers call upon the Government to REVERSE all tax cuts that benefit themselves and large corporations and, instead, RAISE their taxes and use the additional revenue to benefit Britain’s shared, national interest. Thus far, the letter has attracted 44 signatories.