Taxes are an inevitable part of life, they are how we fund our roads, schools, hospitals, armed forces and so much more, but fairness, especially when it comes to taxation is something we always have to fight for.
What’s far from inevitable, or fair, is how those taxes are distributed and where the biggest tax burden falls.
The UK’s super-rich have accumulated record levels of wealth in recent years, while our public services have been decimated and inequality has soared.
Increasing numbers of people are being pushed into poverty, at the sharpest end of an ongoing cost–of-living crisis.
And I am pretty sure I’m not talking about the vast majority of people in Weston when I say ‘super-rich’, I am not talking about earnings from work, which is already taxed, “Super-rich” generally refers to individuals with substantial wealth, often involving non-housing assets exceeding £20 million or more. The 350 richest individuals and families together hold a combined wealth of £795.361 billion, a sum larger than the annual GDP of Poland. The minimum entry for the list of 350 this year is £350 million. We are not talking about the people of Weston who have worked hard to live a comfortable life in our wonderful town.
Since I became MP, I’ve been thinking more and more about the role of taxation and how the burden so often falls on the people I represent and not the super-rich. I want to make our systems support people more effectively and fairly, and ensure that the burden doesn’t fall disproportionately on those who can least afford it.
Wealth taxes aren’t about taxing income. They aren’t about taxing the vast majority of people in Weston. They’re not about going after people who have worked hard, built a good life, and are simply living well. This is about a very small number of ultra-wealthy individuals, those with assets over £10 million and, in some cases, over £100 million, whose accumulated wealth sits largely untouched by our tax system.
Britain is a very rich country, but that wealth is not evenly spread. Increasingly, it’s hoarded in private assets and not circulating in the economy, where it could benefit the wider public. It’s certainly not reaching most families in Weston, Worle, and the villages, who are still seeing services stretched and opportunities limited.
That’s why I support the mission of Patriotic Millionaires UK and their bold, clear-sighted proposals for tax reform. Their 2024 policy recommendations offer a practical and principled path toward building a fairer economy – one that values hard work, rewards contribution, and ensures that wealth doesn’t remain locked away in the hands of a few.
Their proposals include:
A progressive wealth tax, starting at 1% on net wealth above £10 million and rising to 2% above £1 billion – raising billions to reinvest in public services, infrastructure, and the climate transition.
A windfall tax on crisis-driven profits would ensure that companies that profited significantly during national emergencies contribute fairly to our recovery.
These measures are not about punishing success. They’re about making the system work. Right now, someone working in a chippy or cleaning hospital wards can end up paying a higher effective tax rate than someone collecting dividends from inherited wealth. That’s not sustainable, and it’s not right.
The millionaires behind Patriotic Millionaires UK welcome the Government’s tentative moves towards wealth taxes, including closing loopholes in inheritance tax and the windfall tax for oil and gas companies, and scrapping the unfair non-dom scheme.
However, the changes made in last year’s budget do not go far enough to truly fix our public infrastructure or improve living standards. The millionaires behind Patriotic Millionaires want the Government to go further than they have, and they understand this better than most. They’ve benefited from the current system and they’re the ones calling for change. They know that true prosperity is shared, and that the stability and opportunity they’ve enjoyed is only possible in a well-funded, fair society.
As they’ve rightly pointed out: “Wealth is not created in a vacuum.” It relies on functioning infrastructure, an educated workforce, legal and financial systems, and a healthy, cohesive society. When the ultra-wealthy give back, they’re not losing, they’re investing in the very system that allowed them to succeed.
I will continue to champion tax justice in Parliament and support policies grounded in fairness, accountability, and opportunity. We can’t build a more equal, thriving country unless those at the top contribute their share.
Let’s build an economy that works for everyone, not just the already wealthy.
