An open letter has been sent to the new Prime Minister calling for higher taxes for rich people
Gary Lineker is among 120 UK-based millionaires calling on Andy Burnham to impose higher taxes on their wealth in an open letter. The “Proud to Pay” letter to the Prime Minister, organised by the Patriotic Millionaires UK campaign group and published on Thursday, claims the money raised from higher taxes on wealth could be used to reduce inequality, support public infrastructure, and back small businesses.
It reads: “We want you to tax us. We can afford it. We’re not talking about higher taxes on those who get up and go to work for their income every day, but on the very richest whose income is derived from the wealth they hold.”
Lineker commented: “Paying your fair share is a basic British value, but so many ordinary people are already paying more than they can afford. Our richest people can do more and most want to. Our fantastic country deserves all of us to get behind it.”
“I’m proud to stand with people across the UK who want to live in a more equal society,” the sports pundit and former footballer added. To live up to our national values our new government must raise taxes on extreme levels of wealth for a fairer, better, more hopeful Britain.”
Other signatories include crime writer Val McDermid, musician and songwriter Brian Eno, former chairman of Greggs Ian Gregg, economist and former City trader Gary Stevenson, and investor Julia Davies. “We millionaires are here to be taxed more and we urge our new PM to grab this opportunity with both hands and tax our wealth,” Ms Davies, a member of Patriotic Millionaires, said.
“This is a fresh opportunity for our country,” she added. “A chance for the Prime Minister to help rebalance power, reduce the shocking levels of wealth inequality which intensifies the cost of living crisis, and raise much-needed revenue for our public services, improving life for everyone.”
According to Patriotic Millionaires, a 2% tax on wealth over £10 million could raise £24 billion a year for the UK, while reforms to capital gains tax could raise a further £12 billion. Polling from the campaign group also showed that 80% of UK millionaires support a 2% tax on wealth over £10 million.
“As you decentralise political power, you should also disperse economic power,” the open letter adds. Extreme wealth sitting idle in the hands of a few can be put to work: reducing inequality, investing in sustainable jobs, strengthening hospitals, schools and social care, supporting entrepreneurs with the skills and infrastructure they need, and giving small businesses access to affordable finance.
“Our wealth is our country’s secret weapon – let’s get serious about using it.”
