UK Millionaires Urge Wealth Tax on Fortunes

More than 100 UK millionaires, including former footballer Gary Lineker, have sent an open letter to new Prime Minister Andy Burnham urging the introduction of a wealth tax. The group, Patriotic Millionaires, proposes a 2 % levy on net assets above £10 million and argues the tax could raise about £24 billion a year while helping to reduce inequality.

The letter calls for closing loopholes before any tax is implemented, proposing measures such as an exit tax for those who leave the UK to avoid taxes, stricter reporting of all wealth, and licensing of tax advisers by HMRC. A poll of readers showed almost four‑in‑five support a wealth tax provided these safeguards are in place. Conservative Party leader Kemi Badenoch criticised the proposal, saying voluntary donations are already possible and new legislation may be unnecessary.

The initiative reflects a broader debate in Britain about how the ultra‑rich should contribute to public finances and fund investments across the country.