Out of touch Budget fails on wealth tax

• Published:
• Short URL: https://www.oxfam.org.uk/mc/gc5j4j/

Ahead of the Budget we called on Rachel Reeves, Chancellor of the Exchequer, to introduce a 2% annual tax on net wealth above £10 million. This fair and necessary measure could raise an estimated £24 billion every year — money that should no longer sit idle in the hands of a tiny few.

Instead, the Government delivered another Budget which shields the super-rich. The Chancellor remains out of touch while the public pay the price.

The Houses of Parliament in Westminster, London in the UK. Image: Shutterstock

The Houses of Parliament in Westminster, London overlooking the river.
“

“This Budget has, once again, shielded the ultra-wealthy from paying their fair share, denying vital extra resources from the fight against inequality, climate change and gender injustice.”

Silvia Galandini, Oxfam’s Head of Gender Justice

“Scrapping the two-child limit will bring essential relief for families trapped in poverty but while her baby-steps towards fairly taxing wealth are welcome, the Chancellor remains strikingly out of touch with a public that is crying out for a no-brainer wealth tax on the super-rich.  

“By refusing to fully fix our broken tax system we’re failing to secure the additional resources needed to properly invest in cutting poverty and inequality through stronger public services, dignified social security for everyone, and fair climate action. Until we do, all of us will continue to pay the price.” 

We need a wealth tax now

The case for a wealth tax

  • A 2% tax on wealth over £10 million could raise £24 billion annually.
  • A wealthy, high-polluting few have gained extreme riches - harming people and the planet.
  • Governments can fight inequality and climate change by taxing extreme wealth - building a fairer, safer, more caring world.
  • 78% of us, the British public, support this wealth tax.
  • There is money out there, it’s just being hoarded in the wrong place - lets change the system that allows this to happen.

It’s time to tax the super-rich. Demand a Wealth Tax Today!

Chancellor Rachel Reeves: Tax wealth now

Press contact

For comments, interviews, or information please contact the Oxfam GB Media Team:

Your next read

Campaign with us

Join the movement of millions tackling inequality and poverty around the world.