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UK Millionaires Urge PM to Raise Taxes on Wealthy
🇰🇷 South Korea /Economy & Trade

UK Millionaires Urge PM to Raise Taxes on Wealthy

From Dong-A Ilbo · () Korean

Translated from Korean, summarized and contextualized by DistantNews.

At a glance

News Sources not specified New plan
  • Over 120 British millionaires have urged the new Prime Minister to increase taxes on the wealthy.
  • They identify as 'Patriotic Millionaires' and are willing to pay more taxes if the revenue benefits the public.
  • The group proposes a 2% tax on assets exceeding 10 million pounds, estimating it could generate 24 billion pounds annually.

A group of 120 British millionaires has called on the new Prime Minister, Andy Burnham, to raise taxes on the affluent. Identifying themselves as 'Patriotic Millionaires,' they expressed their willingness to pay higher taxes, provided the revenue is reinvested for the public good.

In an open letter titled 'Proud to Pay,' the group stated, "Tax us. We are willing to pay taxes and will not leave the country." They clarified that the proposed tax increase targets the wealthiest individuals whose income derives from assets, not those who work daily to earn a living. The funds generated would be used to reduce inequality, support public infrastructure, and aid small businesses.

Tax us. We are willing to pay taxes and will not leave the country.

— Patriotic MillionairesStating their willingness to contribute more financially to the nation.

The proposal includes a 2% tax on assets exceeding 10 million pounds, which the group estimates could generate approximately 24 billion pounds annually. Signatories to the letter include former footballer and broadcaster Gary Lineker, actress Julia Davis, "Love Actually" director Richard Curtis, and musician/producer Brian Eno.

Paying our fair share is a fundamental British value. Our country's wealthiest can afford to pay more, and most want to. The new government must raise taxes on the wealthy to create a fairer, better, and more hopeful Britain.

— Gary LinekerExpressing support for the wealth tax proposal and its alignment with British values.

Lineker commented, "Paying our fair share is a fundamental British value." He added, "Our country's wealthiest can afford to pay more, and most want to. The new government must raise taxes on the wealthy to create a fairer, better, and more hopeful Britain."

Treasury Chief Secretary Emma Reynolds responded positively, stating, "It is welcome when people of means express a desire to pay more taxes." However, she avoided making firm commitments, suggesting the use of existing donation schemes while emphasizing the need for careful consideration of policy changes. The Burnham government, facing economic challenges, has recently announced measures such as abolishing VAT on household energy bills, capping bus fares, and reducing business rates for pubs and entertainment venues.

It is welcome when people of means express a desire to pay more taxes.

— Emma ReynoldsResponding to the millionaires' proposal from the government's perspective.
DistantNews Editorial

Originally published by Dong-A Ilbo in Korean. Translated, summarized, and contextualized by our editorial team with added local perspective. Read our editorial standards.

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