120 UK Millionaires Urge PM Burnham to Raise Their Taxes
Key Points
- 120 millionaires including footballer Gary Lineker signed a "Proud to Pay" letter asking PM Burnham to raise taxes on the ultra-wealthy
- Patriotic Millionaires claim a 2% tax on wealth above £10 million could raise £24 billion annually for public services
- Treasury Chief Emma Reynolds welcomed the initiative but indicated major tax changes would only be announced at budget announcements
The Case for Higher Wealth Taxation
Lineker, a former professional footballer, said Britain's wealthiest citizens can afford to contribute more while ordinary people struggle financially. "Paying your fair share is a basic British value, but so many ordinary people are already paying more than they can afford," he stated. "Our richest people can do more and most want to."
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According to Patriotic Millionaires, a 2 percent tax on wealth above £10 million could raise £24 billion annually, while reforms to capital gains tax could generate an additional £12 billion per year. An independent analysis by Gabriel Zucman, an economics professor at the Paris School of Economics, and Ben Tippett, a lecturer in economics and wealth inequality at King's College London, found that a 2 percent minimum annual tax on those with over £100 million in assets could raise approximately £10 billion yearly.
Burnham has signaled openness to wealth taxation, saying during a Wednesday podcast interview that his administration may "ask for a little bit more" in taxes and suggested this could include a wealth tax. "I do believe we need a greater sense of fairness and people feeling that things are being done in the right way and a fair way," he said.
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Chief Secretary to the Treasury Emma Reynolds welcomed the letter Thursday but provided no commitment to policy changes. "I welcome the fact that people of good means are saying that they want to pay more," Reynolds told Sky News, noting that "any major tax changes would be announced at a budget." She added that tax policy must be considered "in the round," indicating the government will weigh multiple factors before deciding.
The proposal represents a significant moment: while wealthy individuals routinely oppose tax increases, these millionaires are actively requesting higher levies on their own income and assets—a reversal of typical lobbying dynamics that could influence political calculations around redistribution policy.
No timeline has been set for budget announcements or tax policy decisions under Burnham's administration.
What Happens Next
Given that Burnham has expressed openness to wealth taxation and Treasury officials acknowledge the millionaires' position without rejecting it, a formal wealth tax proposal could appear in the government's next budget announcement. However, the Treasury's emphasis on reviewing "tax policy in the round" suggests implementation may face internal debate about economic impacts and administrative feasibility before any formal proposal emerges.
Sources: AP, Reuters, ESPN, Bloomberg, BBC and other international news outlets.
Disclaimer: This article is for informational purposes only. Content is based on publicly available news sources.
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