In a poll of the British public, 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. Less than a quarter of respondents think a system that gives the richest the greatest tax cuts is fair.
The poll of over a thousand UK adults, commissioned by Patriotic Millionaires UK and conducted by Survation, comes ahead of the mini-budget this week and looks at attitudes to extreme wealth and how we tax it. It showed that 63 percent of respondents believe that a system that cuts taxes for the richest is unfair. Significantly, 55 percent of Conservative voters are against a system that cuts taxes for the rich.
In response to the poll, Patriotic Millionaires UK member Phil White said: “It’s clear from this poll that the British people have more ambition for the country than the current Government does: we want more revenue raised from those with extreme amounts of wealth. Like the overwhelming majority of people in this survey, we support taxing the very richest to invest in our country. Our millionaire members - entrepreneurs, investors, economists, and inheritors - all agree it’s time to tax our wealth. Do it now to make our country richer.”
As the Government prepares to announce how it intends to strengthen the British economy, 63 per cent of respondents to the poll agreed that the way to deliver a stronger economy for Britain is through increased taxes on wealth. This is not part of the package that is expected to be announced by the Government, with both the Prime Minister and Chancellor favouring tax cuts as their primary policy. But the proposed cuts to corporation tax and changes to National Insurance are not set to either increase investment in the UK, nor address the needs of the poorest households in the country.
White continued: “This poll suggests that the British people favour tax rises on the richest in order to invest in our country, address the multiple crises we face, and help invest in our proud public institutions and services. Instead of policies that will continue to bankroll big business and the richest individuals, delivering a paltry saving of 63 pence a month for the poorest households, our Government should tax wealth to help mitigate the impact of the cost of living crisis.”
While it is believed that the plans proposed aim to regionalise tax breaks and create ‘investment zones’, the poll found that 67 percent of people in the Midlands and 66 per cent of those in the North would like to see taxes on wealth raised to help pay for public services and deal with the cost of living crisis. 64 percent of people living in these areas believe our economy would be stronger if we taxed extreme wealth.
White added: “People across the country don't want piecemeal, half baked ideas that skirt around the edges of the crisis that we’re in - they want ambitious policies that can help make sure the whole of Britain has a stronger, fairer economy, where the wealthiest are taxed more. Millionaires like me want the same thing. Why won’t our political leaders deliver the ambition that’s shared by both the public and millionaires alike?”
In May this year, Associate Professor at Warwick University and Commissioner for the Wealth Tax Commission, Arun Advani, suggested that an annual wealth tax of 1.1% on those with over £10 million could raise £10 billion a year - enough to provide every family on Universal and Pension Credit with an ongoing energy uplift to their benefits. When polled, 69 percent of respondents supported this policy which, along with other measures such as equalising capital gains with income tax, could generate significant revenue streams for the UK Treasury.
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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.
A summary of the poll results shows that:
- 63% believe a system that cuts taxes for the richest is unfair with 55% of Conservative voters in agreement
- 50% think extreme wealth concentration has contributed to cost of living, and 48% think the energy crisis has worsened due to the concentration of extreme wealth.
- 70% of people believe that very wealthy individuals should be taxed more heavily to help pay for public services and the cost of living crisis, with 64% of Conservative voters agreeing
- 73% of people believe extreme wealth should be taxed more heavily, with 71% of Conservative voters agreeing.
- 63% think the British economy would be stronger if we taxed extreme wealth (53% of Conservative voters agree).
- 55% of people don’t think the British economy can be healthy or sustainable if we don’t consider how wealth is distributed
- 69% of the public would support a tax of 1% on those with over £10million. Only 7% oppose.
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.
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