Tax and Social Security

The Equality Trust Signs Open Letter to the Chancellor of the Exchequer | Reforming our Residential Property Taxes

Below is the Open Letter sent to the Chancellor of the Exchequer, signed by parliamentarians, think tanks, charities, tax reformers and academics. An abbreviated version was published in The Sunday Times on 06/09/20.

We live in a society that has come to be seen by many as unequal, creating a “geography of discontent”. 

Public Support for Taxing Wealth

Commenting on polling carried out by YouGov for Tax Justice UK and Oxfam GB, showing widespread public support from across the political spectrum for increasing taxes on wealth, Dr Wanda Wyporska, Executive Director, The Equality Trust said:

"It's clear that the public are in favour of taxing wealth, as they see the reality of inequality day in, day out. As Equality Trust analysis in our Wealth Tracker found, the top 1,000 on the Sunday Times Rich List have increased their income by £253 billion over the past five years. 

A Nation of Ferraris and Foodbanks - UK Rich Increase Wealth by £253 Billion Over Five Years

Analysis by The Equality Trust can, today, reveal that the richest 1,000 people in the UK have:

  • Increased their wealth by £47.8 billion in the past year alone (2018 - 2019) [1]
  • Increased their wealth by £253 billion in the past five years (2014 - 2019) [2]
  • Increased their total wealth to the staggering sum of £771.3  billion, which is significantly more than the poorest 40% of households combined on £567 billion. [3]