Three quarters of British public would back government tax increases on very richest versus spending cuts

The poll, by YouGov on behalf of Oxfam and published on the eve of the Spring Statement, clearly shows that people across the UK strongly back action on wealth inequality:

• 77 per cent - would rather the UK Government increase taxes on the very richest to improve public finances than see cuts to public spending
• 78 per cent support introducing a 2 per cent wealth tax on net assets worth more than £10 million
• 67 per cent - think that the very richest people in the UK should pay more in tax

It comes as new analysis by Oxfam, Patriotic Millionaires UK and Tax Justice UK finds that the wealth of all UK billionaires soared by £11 billion last year – the same amount the UK Government has recently cut from the international aid and social security budgets combined.

The organisations are calling for a two per cent wealth tax on those with net assets of over £10 million, which could raise an estimated £24 billion tax revenue each year - £460 million every week and would only apply to 0.04 per cent of the population - around 20,000 people.

For illustrative purposes, if the two per cent wealth tax on assets over £10 million was introduced now, UK billionaires would still have seen their personal wealth soar by an average of £141 million each; a total of nearly £7.5 billion combined – since this time last year.

Anna Marriott, Oxfam senior policy advisor said: “This is not about scarcity, it’s about political choices. The government claims there’s no alternative but to take money from the people struggling the most, both here and around the world; yet there is a huge amount of potential revenue that they refuse to consider. This money could be used to reduce poverty, inequalities and also strengthen public services instead of piling up in the pockets of the super-rich.”

Mark Campbell, entrepreneur and member of Patriotic Millionaires UK said: “As a millionaire, I know the economy is working for a few people like me and working against the vast majority. Spending cuts are short-sighted and will only increase the worries of millions of people in the UK who are struggling to put food on the table and heat their homes.

“Meanwhile, the very richest people in our society are watching their wealth grow exponentially. It seems outrageous that the wealth of the richest is taxed at a much lower rate than the income of working people who will bear the brunt of these budget cuts.

“A wealth tax is a very clear alternative. Given that most people want higher taxes on the very richest, and plenty of millionaires - people like me - also want it, what’s stopping the government?”

This evening from 5pm, unions and campaign groups focused on social, economic, and environmental justice, are joining together for a Tax the Super Rich rally outside the Treasury to demand the Chancellor raise taxes on the very richest to avoid cuts.

Caitlin Boswell, Head of Advocacy at Tax Justice UK, said: “Across the country, inequality is soaring and people are being left behind, struggling to make ends meet and dealing with broken public services, all while the very richest get richer.

“Choosing to make cut after cut to the poorest and most marginalised, while leaving the vast resource of the extreme wealth of the super-rich untouched, is immoral, harmful, and will not deliver for our communities or the economy.

“Instead, this government could choose to tax the wealth of the very richest people and corporations. This would raise tens of billions annually to address the cost-of-living crisis and deliver the long-term investment our country needs.”

Oxfam, Patriotic Millionaires UK and Tax Justice UK are calling on the UK Government to introduce the two per cent wealth tax and implement other tax proposals to raise tens of billions of pounds annually from the wealthiest individuals and corporations.

Ends

For more information and interviews, please contact Lisa Rutherford on 07917 791 836 / lrutherford@oxfam.org.uk or Sophie Bowell on 07810 814 980 / sbowell@oxfam.org.uk

Notes to editor:

All figures, unless otherwise stated, are from YouGov Plc.  Total sample size was 2,257 adults. Fieldwork was undertaken between 17th - 18th March 2025. The survey was carried out online. The figures have been weighted and are representative of all GB adults (aged 18+)

If a 2 per cent wealth tax was introduced for people with net assets exceeding £10 million, it’s estimated that £24 billion could be raised in tax revenue every year - £460 million a week. https://arunadvani.com/taxreform.html

All billionaire data is from the Forbes live billionaire list from 19 March 2024 to 19 March 2025. Included in the analysis are only the 53 billionaires who were on the list on both dates. All figures are nominal. A 0.77 exchange rate was used to convert to GBP from USD

On 19th March 2024, the total wealth of UK billionaires was £169.939bn, on 19th March 2025 the total was £181.027bn. A difference of £11.088bn

To calculate the average £141m that UK billionaire wealth would have still grown by over the last year if the proposed wealth tax had been in place; £10m was deducted from each billionaire’s current wealth (March 2025) to account for the tax threshold. The two per cent tax was then deducted. This new total was then compared to each billionaire’s wealth in March 2024. The difference was then averaged across the 53 billionaires

Ten tax reforms and closed loopholes to raise over £60 billion in a single year published March 2025 by Tax Justice UK and Patriotic Millionaires UK

The Tax the Super Rich Rally is being supported by a range of organisations including War on Want, Greenpeace, Equality Trust, Positive Money, 350.org, We Own It, The Artists’ Union, Christian Aid and more

Patriotic Millionaires UK is a non-partisan network of British millionaires, from multiple industries and backgrounds from across the UK. It delivers a single mission - to leverage the voice of wealth to build a better Britain by changing the system to end extreme wealth and make those with it make their fair and proper contribution

Tax Justice UK is a campaigning and advocacy organisation. Our mission is to ensure that everyone in the UK benefits from a fair and effective tax system. We are not-for-profit and politically non-aligned. Tax Justice UK is a partner of - but independent from - the Tax Justice Network