REACTION: Oxfam response to the Chancellor’s Spring Statement

“Today marks a new low in the fight against poverty and inequality as the Government chooses to cut vital international aid and social security support for millions of people struggling at home and around the world while protecting the soaring wealth of millionaires and billionaires.

“Three quarters of the British public back government tax increases on the very richest instead of these cruel and unnecessary cuts, but the Chancellor has decided to turn her back on fairness.

“These cuts are not just numbers on a balance sheet but will cost lives and have a devastating impact on people facing conflict, poverty and climate disasters around the world. It's not about tough decisions; it's about political choices. The Government must stop protecting extreme wealth and start protecting people.”

Ends

Note to editors:

A poll this week by YouGov on behalf of Oxfam shows that people across the UK strongly back action on wealth inequality. Findings showed:

• 77 per cent - would rather the UK Government increase taxes on the very richest to improve public finances than see cuts to public spending
• 78 per cent support introducing a 2 per cent wealth tax on net assets worth more than £10 million
• 67 per cent - think that the very richest people in the UK should pay more in tax

All figures, unless otherwise stated, are from YouGov Plc. Total sample size was 2,257 adults. Fieldwork was undertaken between 17th - 18th March 2025. The survey was carried out online. The figures have been weighted and are representative of all GB adults (aged 18+).

Full press release here: https://www.oxfam.org.uk/media/press-releases/three-quarters-of-british-public-would-back-government-tax-increases-on-very-richest-versus-spending-cuts/

Oxfam is calling for a two per cent wealth tax on those with net assets of over £10 million, which could raise an estimated £24 billion tax revenue each year - £460 million every week and would only apply to 0.04 per cent of the population - around 20,000 people.