Response to the Chancellor’s Mini-Budget

Responding to this morning’s statement from Chancellor Kwasi Kwarteng, Patriotic Millionaires UK founding member James Perry said: “We have decades of proof that trickle down economics doesn’t work. You can’t meet our current crises with an exhausted playlist of 1980s policies - the world has moved on. This mini-budget is an abdication of responsibility for sound financial management when what we need is a popular and sustainable way to fund public services, and promote fairness and enterprise.”

In a poll of over a thousand UK adults, commissioned by Patriotic Millionaires UK and conducted by Survation this week, 63 percent of respondents believe that a system that cuts taxes for the richest is unfair. 70 percent of respondents - and 64 percent of Conservative voters -  believe that very wealthy individuals should be taxed more heavily to help pay for public services and the cost of living crisis. 

Perry continued: “Today’s announcement simply won’t cut it; it won’t provide what’s needed in the short term or build a fairer, better Britain. We have to deal with the phenomenon of extreme wealth, a vast pool of capital held by a very few. Policies like scrapping the bankers bonus cap and the top rate of income tax will do the opposite. When 70 percent of the public are saying it’s time to raise taxes on extreme wealth to invest in our country - and millionaire investors like me agree – why would the Government not do the right and obvious thing and get on with it?”

ENDS//

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

07968 821093

Notes for Editor

The summary results of the survey can be found here. Survation conducted an online poll of 1,062 people aged 18+ living in the UK on behalf of Patriotic Millionaires UK.The survey has breakdown per region, age, voting in the last General Election, and income bracket. The full data can be provided on request. 
Patriotic Millionaires UK is a non-party political network of UK wealth holders, advocating for action on economic inequality and higher taxes on themselves. It is sister to the US organisation,Patriotic Millionaires and part of Patriotic Millionaires International.