Growing Calls for a 2 % Wealth Tax on Britain’s Richest

Labour Party Prime Minister Andy Burnham is facing renewed pressure from senior allies to introduce a 2 % levy on net wealth exceeding £10 million. The demand comes as Labour MPs on the left, including Neil Duncan-Jordan, MP for Poole, urge Burnham to use his first Budget on 28 October to announce redistributive measures.

iNews

The cross-party campaign group Compass, led by Neal Lawson (also co-founder of Mainstream Labour), released the *Better!* report proposing the wealth tax. The report estimates the levy would generate £24 billion a year from roughly 22,000 people—about 0.03 % of the population. It also calls for capital gains tax to be aligned with income tax, a change projected to raise an additional £11 billion from the very richest.

iNews

Several prominent figures have voiced support. Lord Kinnock, former Labour leader and Burnham adviser, urged a “better balance” between earnings and wealth taxation. Jon Trickett, MP for Normanton and Hemsworth, described a “carefully calibrated wealth tax” as morally necessary and financially significant. Steve Rotheram, Liverpool City Region Mayor, argued the tax should be framed as encouraging investment rather than punishment. Andy McDonald, former shadow employment secretary, echoed the need for serious analysis of a wealth tax. A poll commissioned by BMG Research for *The i Paper* found 66 % of adults support a tax on assets over £10 million, with majorities across Labour, Conservative and Reform UK voters in favour.

Birmingham Mail

He added that he seeks a greater sense of fairness but does not want to create new divisions or be seen as demonising one group.

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• “We should seriously consider a wealth tax. It warrants proper analysis and investigation, as does a replacement of council tax.” — Andy McDonald, Labour MP

Birmingham Mail