Overview
- An open letter organised by Patriotic Millionaires UK, signed by about 120 wealthy people including Gary Lineker, was published in late July (July 23–24) asking Prime Minister Andy Burnham to impose new levies such as a proposed 2% charge on fortunes above £10 million.
- Ministers responded by pointing to a gov.uk route for voluntary contributions to HM Treasury and saying anyone who wants to pay more can do so now rather than waiting for new law.
- Government figures and free‑market commentators warned a formal wealth tax could prompt emigration of wealthy residents, reduce investment and shrink long‑term tax receipts, arguments amplified by opinion pieces that called the campaign virtue‑signalling.
- No formal policy has been adopted: Downing Street and ministers have kept options open but fiscal decisions are expected only after a chancellor is named and budget planning advances.
- Independent academics and campaigners have modelled various levies and closures of loopholes that could raise tens of billions, but they also highlight practical hurdles such as valuing assets, enforcing annual charges and risks to investor confidence.