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Patriotic Millionaires UK project 'Tax our wealth' on to the Bank of England on
Tuesday. Photograph: Patriotic Millionaires UK
Patriotic Millionaires UK project 'Tax our wealth' on to the Bank of England on
Tuesday. Photograph: Patriotic Millionaires UK
Autumn statement 2023



UK MILLIONAIRES GROUP PROJECTS ‘TAX OUR WEALTH’ ON TO TREASURY AND BANK OF
ENGLAND

Jeremy Hunt should increase taxes on rich to help fund public services for all,
says Patriotic Millionaires UK


Rupert Neate
@RupertNeate
Tue 21 Nov 2023 05.30 ESTLast modified on Tue 21 Nov 2023 05.54 EST
 * 
 * 
 * 



A group of British multimillionaires have projected a message on to the Treasury
building and the Bank of England in advance of Jeremy Hunt’s autumn statement on
Wednesday, saying: “Tax our wealth”.

Patriotic Millionaires UK, a collection of British-based members of the
super-rich, said that instead of considering tax cuts the chancellor should
increase taxes on the richest members of society to help fund public services
for all.



“We’re not about to give up on this country. We need a wealth tax now,” another
message projected in 1.8-metre (6ft) high letters read. “We want it. For a
better Britain.”

The imposition of a 2% tax on those with more than £10m of assets could raise
£22bn a year, or more than £420m a week, they claimed. “That could pay for the
average salary cost of more than 600,000 nurses a year – more than
three-quarters of the UK’s nursing workforce,” the group said.

Pressure grows on Hunt to cut income tax as millions more face paying it
Read more


Phil White, a former business consultant and member of Patriotic Millionaires
UK, said: “The whole country knows that we need a serious injection of capital
to get us back on track. We have a potential £423m a week, which is currently
absent from national investment revenue, because we don’t tax extreme wealth.
Surely the people in the UK deserve more? For a better Britain our government
should prioritise taxing those of us who can most afford it.”

Asked about suggestions that the chancellor is considering cutting inheritance
tax, which would mostly benefit those with more than £1m at their death, White
said: “To prioritise cutting taxes, especially for the very richest, is dismal
decision-making from this chancellor on tax reform. Instead we can increase
investment in Britain and take the pressure off working people by taxing the
super-rich.”

A YouGov survey found that three-quarters of Britons support a wealth tax.
Research by Patriotic Millionaires of those with investable assets of £1m found
that 68% of the richest people in the country supported the introduction of
wealth taxes.

Explore more on these topics
 * Autumn statement 2023
 * Tax and spending
 * Tax
 * The super-rich
 * Jeremy Hunt
 * news

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Reuse this content




MORE ON THIS STORY






MORE ON THIS STORY




 * JEREMY HUNT CUTS NATIONAL INSURANCE BUT UK TAX BURDEN SET TO HIT HIGH AMID
   PLUMMETING LIVING STANDARDS – AS IT HAPPENED
   
   5h ago
   …
   …


 * JEREMY HUNT’S AUTUMN STATEMENT TAX CUTS FUEL TALK OF SPRING ELECTION
   
   6h ago


 * HUNT ‘WILL CREATE IMPLAUSIBLE AUSTERITY WITH POST-ELECTION PUBLIC SPENDING
   CUTS’
   
   8h ago


 * AUTUMN STATEMENT 2023: KEY POINTS AT A GLANCE
   
   11h ago


 * ‘A VOTE OF CONFIDENCE’: UK BUSINESSES WELCOME JEREMY HUNT’S TAX BREAKS
   
   7h ago


 * AUTUMN STATEMENT 2023: WHAT IT MEANS FOR PEOPLE ON A RANGE OF INCOMES
   
   8h ago


 * CONSERVATIVE MPS URGE JEREMY HUNT TO GO FURTHER ON TAX CUTS
   
   7h ago


 * AUTUMN STATEMENT: WHAT DO JEREMY HUNT’S CHANGES MEAN FOR YOUR MONEY?
   
   6h ago


 * THOUSANDS ON DISABILITY BENEFITS TO LOSE EXTRA £5,000 A YEAR IN AUTUMN
   STATEMENT
   
   7h ago




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