Open letter in response to Spending Review:

In their Spending Review, Keir Starmer and Rachel Reeves failed to introduce what the public is really calling out for: a tax on the super-rich, to reverse cuts and help fund public services and mass investment in renewable energy.

Sign this open letter to call on the government to do the right thing: no more cuts, tax extreme wealth now!

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Dear Rachel Reeves and Keir Starmer:

We, the undersigned, ask you to reconsider your recent cuts to foreign aid and to urgently boost investment in vital public services and renewable, affordable energy. Instead of cutting services that are crucial to ordinary people, we urge you to instead fund them by taxing those who can afford to pay a bit more: the super-rich.

A tax on the extremely wealthy could help fund a fair future for us all. It would help reduce inequality, and generate billions of pounds for the national budget, which can be used to tackle the housing, cost of living and climate crises and provide support for the countries hardest hit by climate change.

Just a 2% tax on assets over £10 million could raise up to £24 billion, and is a policy that is widely backed by unions, charities, major newspapers, the general public and even millionaires themselves. This tax would affect a small percentage of the population - only around 20,000 people - yet would raise significant funds that could be used to save underfunded public services, tackle the climate crisis and could help make the UK a leader in clean energy through large-scale investment in affordable, renewable energy.[1]

Arguments that this tax would risk harming the UK economy have been disproven in research by organisations such as Tax Justice UK, who have found that while some revenue would be lost due to a small number of individuals moving abroad, the expected overall money raised would more than compensate for this. [2]

You have already shown that you are willing to reconsider past decisions when presented with compelling arguments to do so - like the cuts to Winter Fuel Payments which left vulnerable people faced with fuel poverty. We welcome this willingness to shift course in order to do what’s best for this country, and its people - and we urge you to do so again.

Sources:
1: Report: “Taxing Polluters: For a fairer, greener society”: https://oxfam.app.box.com/s/hknz0z5v87koj4oxiwl4kdkyxn59dwyb
2: Tax Justice UK, “Millionaire exodus did not occur, study reveals”: https://taxjustice.net/press/millionaire-exodus-did-not-occur-study-reveals/

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