Millionaires Urge New Prime Minister Andy Burnburn to Tax Their Wealth

A group of 120 UK-based millionaires, organised by Patriotic Millionaires, sent an open letter to Prime Minister Andy Burnburn asking for a 2 % annual tax on personal wealth above £10 million.

120 UK Millionaires Urge Andy Burnham to Tax the Wealthie...

Burnburn, who assumed office on July 20, has signalled that his government may need to “ask for a little more” tax revenue but has not committed to a specific wealth-tax design. Treasury Chief Secretary Emma Reynolds welcomed the offer, noting any major change would be announced in the Budget. Conservative Treasury minister Kemi Badenoch dismissed a wealth levy as “not the answer” and warned higher taxes on job-creators could harm growth.

The Independent

Patriotic Millionaires previously campaigned for higher taxes on the wealthy; the current letter frames the proposal as a “devolution of wealth and power” to support regional investment.

120 UK Millionaires Urge Andy Burnham to Tax the Wealthie...

• Signatories: 120 individuals.

NME | New Musical Express

• Proposed rate: 2 % tax on wealth exceeding £10 million.

Wealth tax could raise £10bn a year, academics tell Andy Burnham

• Revenue estimates:

Wealth tax could raise £10bn a year, academics tell Andy Burnham

• Patriotic Millionaires claim the levy could raise £24 billion a year, with an additional £12 billion possible from capital-gains-tax reforms.

Lineker leads millionaires urging Burnham: ‘tax our wealth’

• Academics Gabriel Zucman and Ben Tippet estimate a 2 % charge on households with assets over £100 million would generate £10 billion annually and affect fewer than 1,000 households.

The Guardian

• The Independent reports a separate estimate of £22 billion per year from a 1-2 % tax on wealth above £10 million.

Wealth tax could raise £10bn a year, academics tell Andy Burnham

These figures illustrate the range of modelling assumptions behind wealth-tax proposals.

Wealth tax could raise £10bn a year, academics tell Andy Burnham

• Louise Haigh, a newly appointed cabinet minister, has called for a wealth tax and for aligning capital-gains tax with income tax, arguing it would shift the burden from work to “unproductive capital accumulation.”

Wealth tax could raise £10bn a year, academics tell Andy Burnham

Badenoch’s remarks represent the principal opposition among senior officials, reflecting a broader Conservative view that wealth taxes risk capital flight and discourage entrepreneurship.

The Guardian

The campaign’s internal polling suggests 80 % of UK millionaires support the 2 % levy, yet no independent survey of the wider public is cited. Academic estimates differ sharply on both the wealth threshold (£10 million vs. £100 million) and projected revenue (£10 billion vs. £24 billion). The Treasury has not disclosed how it would value illiquid assets such as private-business stakes, leaving a key implementation question unanswered.

Lineker leads millionaires urging Burnham: ‘tax our wealth’

• “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.” — Gary Lineker, Richard Curtis, Brian Eno, Sasha Bates

The Independent

• “I do believe we need a greater sense of fairness and people feeling things are being done in the right way, but at the same time I don’t want to be perceived as someone who is coming in with grudges and agendas and demonise one group.” — Andy Burnburn, prime minister

The Guardian

• “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. 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.” — Gary Lineker, Richard Curtis, Brian Eno, Sasha Bates

Lineker leads millionaires urging Burnham: ‘tax our wealth’