Business
8 March 2025
This evening (25 March), on the eve of Chancellor Rachel Reeves’ controversial spring statement, unions and campaign groups focused on social, economic and environmental justice will join together for a Tax the Super Rich rally outside the Treasury to demand the chancellor raises taxes on the wealth of the super-rich instead of slashing public spending.
The government sparked fury ahead of the budget by announcing deep cuts in disability benefits and international aid spending, while boosting investment in the military.
‘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?’
MARK CAMPBELL
Entrepreneur and member of Patriotic Millionaires UK
The protests, which have been organised by War on Want, Oxfam, Greenpeace and others, will see hundreds of people gather outside the Treasury from 17.00, holding banners and placards, as a light projection beams ‘Tax the Super-Rich’ on the building behind them.
Author and economist Gary Stevenson, Green Party co-leader Carla Denyer, Labour Peer Prem Sikka and Ecotricity founder Dale Vince will address the crowd, alongside the leaders of union, environmental groups and anti-poverty organisations.
There have been mounting calls for the government to raise taxes on the assets of the super-rich. The Trades Union Congress endorsed one last summer, and in October, a dozen Labour MPs broke ranks to support the call.
New polling released ahead of the rally reveals that people across Britain overwhelmingly would prefer the very richest to pay more in tax, rather than see cuts to public spending, as new analysis shows the UK’s wealthiest continue to amass even greater fortunes.
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% would rather the UK government increased taxes on the very richest to improve public finances than cut public spending.
78% support introducing a 2% wealth tax on net assets worth more than £10 million.
67% think that the very richest people in the UK should pay more in tax.
‘Rachel Reeves’ decision to slash welfare while refusing to tax the super-rich is both cruel and misguided. Instead of making billionaires like Jim Ratcliffe – who profits from fossil fuels that drive the climate crisis – pay what they owe, she is choosing to side with the ultra-wealthy at the expense of ordinary people.
‘A wealth tax on billionaires could fund vital support for those struggling with the cost of living –accelerating the transition to renewable energy could slash energy bills, insulate homes and create future-proof jobs. Instead, Reeves is prioritising the interests of a handful of elites over the well-being of millions. This is not just an economic failure – it’s a moral one.’
MATILDA BORGSTRÖM
UK campaigner at 350.org
The polling 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 2% 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% of the population (around 20,000 people).
For illustrative purposes, if the 2% wealth tax on assets over £10 million were 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.
‘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.’
ANNA MARRIOTT
Oxfam senior policy advisor
Activists disrupt private jet conference over climate impact of the super-rich.
Top economists join climate campaigners, millionaires and Unite union in calls for a UK wealth tax.
Richest 1% burn through their entire annual carbon limit in just 10 days
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