Brits massively again ‘Ten Million Tax’ on UK’s richest to plug Budget black gap
Taxing fortunes over £10m could help Keir Starmer’s government win support for its first budget and fill its ‘£22bn black hole’, new research shows.
A study of polling and voter focus groups found the public back a range of taxes targeting the best off. But the most popular was a 2% tax on assets over £10 million, drawing the support of nearly two thirds of the public (63%), with just 12% opposing.
The study, by pollsters JL Partners for the 38 Degrees campaign group, found the “Ten Million Tax” was even more popular among Labour voters, with 74% of those who voted for the party in July’s election backing it. Such a tax, paid by the richest 20,000 people, could raise up to £24 billion, serving as a more popular way to address budget shortfalls than controversial measures like cutting winter fuel payments for pensioners.
Matthew McGregor, CEO of 38 Degrees said: “Labour was voted in on the back of a promise of ‘opportunity for all’. The only way to achieve that is to make sure everyone is paying their fair share. A tax on the ultra rich, lifting a tiny 2% from million-pound fortunes and ploughing it into services for those most in need, is a clear way to fulfil this promise.”
More than 100,000 people have added their names to a 38 Degrees petition, calling for the introduction of the Ten Million Tax. Focus group data showed arguments that such a tax would be “too extreme” or represent “double taxation” didn’t persuade the public.
But many were concerned that the super-rich would try to avoid the tax – and said it would need to be strictly enforced and free of loopholes.
A 45-year-old female physiotherapist from Swansea, who voted Conservative in 2019 and Labour in 2024, told researchers: “It does make sense to tax those who are immensely wealthy compared to Joe Bloggs working 16 hours at their local Co-Op … They need to go for wealthy people, not hardworking individuals trying to make ends meet.”
A 41-year-old female secretary, from Newcastle-Upon-Tyne, who voted Labour in 2024 having not voted in 2019, said:”If I’m being taxed [2%] on a million, part of a community that’s struggling, that’s fair as a whole”
Mr McGregor added: “Three months into office, this government’s first budget is an unmissable chance to stick to its word and offer a sense of hope for a country struggling with unacceptable levels of poverty, broken public services and a financial black hole.
“The Ten Million Tax would be popular, fair and practical. It would show this government is genuinely committed to making those with the broadest shoulders bear the heaviest burden while raising billions of pounds for our public services. Labour must listen to the public, to the people who elected them, and implement this tax at the budget.”
