A Call for Fairness: Wealthy Brits Like Me Are Ready to Pay Our Share

23 September 2024, 14:04 | Updated: 23 September 2024, 14:13

As an impact investor I am dedicated to investing in British businesses and communities to create positive change.

Alongside my fellow Patriotic Millionaires, I believe in building a society that works for everyone, not just the wealthiest few.

That’s why I was relieved to hear the Chancellor’s recent commitment to avoid further cuts and invest in our country. Today’s announcement of new investments in HMRC’s compliance team shows that this government is focused on action, not more austerity.

This is the kind of leadership the UK needs, is a cause for optimism and it should be welcomed, especially by those of us who have benefited most from the system. Millionaires like us stand ready to back a government committed to investing in our shared future - a recent poll by Survation found that 65% of British millionaires are happy to contribute more tax to help build a stronger country.

The Chancellor’s reforms to HMRC, including efforts to close the tax gap caused by major corporations and high-net-worth individuals, are a step in the right direction. But today’s announcements must only be the beginning. We need a bolder vision for tax reform —one that takes the investment our country needs from those who can afford it most.

A fair tax system is about more than closing loopholes; it’s about redefining how wealth contributes to society. This is why we need taxes on the highest extremes of wealth—a 2% levy on assets over £10 million, a tax on private jet flights and aligning rates of capital gains tax with rates on income must be part of these reforms to ensure that the wealthiest in our society contribute fairly and proportionately.

A strong economy relies on everyone doing their part. It’s not enough to keep asking hard-working families to carry the burden while the ultra-wealthy find ways to sidestep their responsibilities. We need a progressive tax system that truly invests in our collective future.

The Autumn Budget is a crucial opportunity for this Government to deliver on its promise of fairness. Millionaires like myself are willing to pay our fair share in tax because we understand that true patriotism means investing in your country. Fair taxation of wealth could contributes to stronger public services and infrastructure, supporting entrepreneurship and a thriving economy.

Now is the time to create a tax system that benefits everyone—not just the privileged few. Let’s seize this moment to make Britain fairer, stronger, and more united. Let’s make sure that Britain fairly taxes us, the super rich.

________________

Julia Davies is an angel investor in businesses addressing the climate and environmental crisis and a member of Patriotic Millionaires UK.

LBC Views provides a platform for diverse opinions on current affairs and matters of public interest.

The views expressed are those of the authors and do not necessarily reflect the official LBC position.

To contact us email views@lbc.co.uk