RELEASE: Patriotic Millionaires UK invites Rich Lister, Rishi Sunak, to become a member
As a sitting British Prime Minister appears on the Sunday Times Rich List for the first time in history, Patriotic Millionaires UK invites Rishi Sunak to become a member and deliver policies that raise taxes on himself.
Today, as the 2023 Sunday Times Rich List is published and Rishi Sunak’s name appears on it for the second year in a row, Patriotic Millionaires UK has invited him to become a member of the organisation. The group hopes he will join and then use his privileged position as Prime Minister to deliver key policies to increase taxes on the super rich.
While the wealth of billionaires on the Rich List has increased by £30 billion in the last year, the rising cost of living and falling wages has left 11 million Britons struggling to pay their bills.
The invitation letter, sent to the Prime Minister by Patriotic Millionaires UK, states: “Like you, we are millionaires who want the best for Britain. As experienced investors and entrepreneurs we know it takes a serious injection of capital to make any initiative thrive - which is what our country needs right now. But raising this capital also needs to be fair, and when millionaires pay lower tax rates than ordinary working people, we think that our current tax system is sending the bill to the wrong people.”
Earlier this year Sunak released his tax return for the previous three years. The return showed that his effective tax rate was 22 percent - lower than what a quarter of UK taxpayers pay, including vital workers like nurses. The letter from millionaires to Sunak reflected on this injustice, stating “This is not just a problem for you [Rishi Sunak] but one that exists for many millionaires - we pay less in taxes than we should.”
UK tax policy relies heavily on taxing income, consumption, and National Insurance, representing 67 percent of total taxes raised by HMRC in 2021-22. These taxes heavily impact lower and middle income earners and the Government’s recent policy of freezing tax thresholds has further intensified the tax take from these groups while leaving those with extreme wealth unscathed. Capital taxes, those that raise revenue from wealth, contributed only 3.7 percent in the same period.
Phil White of Patriotic Millionaires UK said: “If there’s a millionaire that can influence national tax policy, there’s none better placed than the Prime Minister himself. But this isn’t just an invitation to the Prime Minister, it’s an urgent invitation to all millionaires - especially those on the Rich List - who care about the strength and sustainability of our economy, our country, and future generations. We hope that the Prime Minister seriously considers adopting the policies we have outlined in the letter and joins our effort to raise taxes on extreme wealth.”
The letter outlines six policies that Patriotic Millionaires UK and Tax Justice UK have prioritised to help tax extreme wealth. They include -
Applying a 1-2% wealth tax on assets over £10 million
Equalising capital gains with income tax rates
Applying national insurance to investment income
Ending the inheritance tax loopholes that benefit the already wealthy
Reforming the rules on non-dom status
And introducing a 4% tax on share buybacks
These measures could raise up to £50 billion every year. The letter concludes “At a time when millions of families in every constituency are struggling to put food on the table, why would you not do this? We invite you to join us at Patriotic Millionaires UK and work to deliver these policies. It’s the patriotic thing to do.”
ENDS//
Notes to Editor
For further information, a copy of the letter, or spokespeople enquiries please contact Rebecca Gowland, rgowland@patrioticmillionaires.org, 07968821093
