Wed, 19 Nov 2025

Wed, 19 Nov 2025 Millionaires say 'we want to pay more tax'

Two wealthy businessmen say the chancellor should make them pay more ahead of the Budget.
Two high-earning individuals, Dale Vince and Stephen Kinsella, are calling on Chancellor Rachel Reeves to increase taxes on the "super-rich", including themselves. Vince, a successful lawyer and founder of Ecotricity, says he should pay more tax despite being one of the top 100 taxpayers in Britain. He has joined the campaign group Patriotic Millionaires UK, which is advocating for a 2% tax on wealth over £10m. Kinsella, a solicitor from Gloucestershire, agrees that taxes need to be raised to fund public services and reduce inequality. The Chancellor has ruled out introducing a standalone wealth tax, but Vince and Kinsella's campaign is gaining momentum with over 85 other millionaires signing up. Their views are at odds with the Treasury, which says it does not comment on speculation outside of fiscal events. Meanwhile, housebuilding firms are experiencing a slowdown in sales due to uncertainty about tax changes ahead of the Autumn Budget on November 26th. The government's delay in announcing its budget has led to a "real freeze" in business investment and hiring decisions, according to Phil Smith, managing director of Business West. Treasury ministers say they are simply setting out the context for the Budget and will not comment further on speculation. However, many firms and economists argue that they have already done too much to fuel speculation about tax changes.
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