Campaign Urges Inclusion of Wealth Tax in Budget 2025 to Fund Public Services
A campaign led by Taxpayers Against Poverty, headed by chief executive Tom Burgess, is advocating for the introduction of a 2% wealth tax on assets above £10 million. The proposed tax is projected to raise up to £25 billion annually, with funds earmarked for health, housing, education, and infrastructure.
More than 50 MPs have signed Early Day Motion 1725, urging the government to consider a fair wealth tax ahead of Budget 2025. Although many Labour MPs privately support the idea, public endorsements remain limited. The campaign argues that the government is avoiding an open discussion on the matter, missing an opportunity to implement reforms that could reduce poverty and stimulate economic growth.
Polling data cited by the campaign indicates public support for the wealth tax, with backing reportedly even from millionaires. The proposal aligns with efforts to modernize the tax system by shifting the tax burden from income to wealth.
Regarding upcoming fiscal changes, it is noted that Reeves is unlikely to increase the basic rate of income tax in Budget 2025 but may introduce stealth taxes via threshold adjustments. A related Guardian report references a £7.5 billion rise in income tax through such changes.
The campaign emphasizes that revenue from the wealth tax could significantly contribute to improving public services and addressing inequality in the UK.
