Furthermore, theyâre sensing blood. The public purse is threadbare, and in their eyes, the well-off are there for the taking. While weâre not quite at the class war, âeat the richâ stage, we might as well be. Theyâre pushing Keir Starmer hard for a wealth tax.
The Tax Justice Network says a temporary levy on the richest households could raise £24bn a year. Sharon Graham, the leader of Unite, is urging the chancellor, Rachel Reeves, to announce a 1 per cent charge on Britainâs wealthiest 1 per cent. She points out that it would bring in vastly more money for the Treasury than the winter fuel payment cut, which has now been voted in.
The pressure comes as the G20 is also looking at the ramifications of a global minimum tax on the worldâs 3,000 billionaires. In the US, the presidential hopeful, Kamala Harris, is considering a wealth tax.
In the end, it may prove inevitable. Across the globe, public finances are struggling; meanwhile, the gap between rich and poor has widened and is widening still. The idea of taking away a sliver of peopleâs fortunes, so little that they would barely notice, is catching on. For Starmer, elected with a thumping majority, it has obvious appeal. They would not be Labour voters suffering; the rich would scream, but the partyâs popularity would almost certainly not dip.
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