Tue, 23 Sep 2025

Tue, 23 Sep 2025 Get behind a wealth tax, millionaire urges Lib Dems

A campaign group hopes to persuade politicians this autumn to hike taxes on the very wealthy.

* A group called Patriotic Millionaires UK, which includes wealthy individuals who want to see higher taxes on the rich, is calling on the Liberal Democrats (Lib Dems) to support a 2% tax on assets over £10m and an increase in capital gains tax.
* The Lib Dems have expressed interest in increasing inheritance tax and are considering their stance on taxation ahead of the next general election.
* A working group has been set up by the party to take evidence from experts on its economic position, but it is not clear what specific policies will be adopted.
* Some Lib Dem MPs, including Bobby Dean and Andrew George, have expressed support for additional wealth taxation, with Mr George suggesting that a different term should be used instead of "wealth tax".
* The Chancellor, Rachel Reeves, is expected to raise taxes again in the November Budget, and there is pressure from Labour's left wing and unions to hike taxes on the very rich.
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