Full Breakdown
Millionaires Push New Prime Minister Andy Burnham for a Wealth Tax
7/23/2026, 8:12:49 PM
Core Event: Petition for Higher Taxes on Ultra-Rich Wealth
A coalition of 120 UK millionaires, including Gary Lineker, Brian Eno, Richard Curtis and ex-City trader Gary Stevenson, sent an open letter to Prime Minister Andy Burnham urging a 2 % annual tax on assets above £10 million. The letter, organised by Patriotic Millionaires UK, declares “We can afford it” and argues the revenue would fund public services and reduce inequality.
Background & Context
Patriotic Millionaires, a UK branch of a campaign that began in the United States in 2010, has long urged higher taxes on high-net-worth individuals. The appeal arrives days after Burnham assumed office on July 20, 2026, inheriting a cost-of-living agenda that includes VAT cuts on electricity and a £2 bus-fare cap. Burnham has hinted that “a little more” tax may be needed from the top brackets but has not committed to a specific design.
Data & Statistics
- Signatories: 120 millionaires.
- Proposed rate: 2 % on wealth above £10 million.
- Projected revenue: £22-£24 billion per year; a separate capital-gains reform could add £12 billion.
- Patriotic Millionaires’ poll: 75 % of UK millionaires support a higher tax on themselves, 80 % back the 2 % levy.
Official Statements & Responses
Chief Secretary to the Treasury Emma Reynolds said any major change would be announced at the Autumn Budget and welcomed high-net-worth individuals’ willingness to contribute, pointing to the Treasury’s voluntary donation portal. A Conservative spokesperson warned that raising taxes on the rich could drive entrepreneurs abroad, arguing that “the people who create jobs” would be harmed.
Conflicting Reports & Gaps
Sources differ on the size of the fiscal windfall. Patriotic Millionaires and several outlets cite a £24 billion annual gain from a 2 % levy, while *The Independent* notes an estimate of £22 billion and academic work by Zucman and Tippet suggests a £10 billion raise from a 2 % charge on households with over £100 million in assets. No official Treasury calculation has been published, leaving the exact revenue potential uncertain.
Verbatim Quotes
- “Paying your fair share is a basic British value, but so many ordinary people are already paying more than they can afford.” — Gary Lineker, Richard Curtis, Brian Eno, Sasha Bates
- “Having wealth and passing it on to my children will not help them when the gap between rich and poor starts to cause things to break down in society,” — Julia
- “She said: "It would completely discourage people from growing businesses, from employing people, from trying to create wealth.” — UK commentator
- “They'd get tax relief, but also I think a lot of people don't think that our tax money is well spent.” — Andrew
- “He was protesting it then about his tax bill, and now he wants to pay more. Mr Lineker, just pay them more. That's what you do.” — Miriam
