Millionaires group urge Reeves to introduce wealth tax to ‘lift kids out of poverty’

Published: 12 November 2025. The English Chronicle Desk. The English Chronicle Online

A coalition of wealthy Britons has urged the UK Chancellor, Rachel Reeves, to introduce a new wealth tax and reform existing capital gains tax rules, arguing that such measures could help “lift kids out of poverty” and rebuild public services across the country.

The campaign group, known as Patriotic Millionaires, claims the proposed tax changes could generate as much as £36 billion annually. The group’s appeal comes just weeks before Reeves is set to unveil her first Budget in Westminster, an event expected to shape the fiscal direction of the new Labour government.

Group member Phil White said it was time for the country’s richest citizens to pay a “fairer share,” calling on the government to act decisively to tackle inequality. “We all want to live in a society where everyone has a decent shot at life – but at the moment that just isn’t the case,” he said. “The gap between the super-rich and everyone else grows by the day.”

Patriotic Millionaires has launched a UK-wide campaign tour aboard its “Tax The Super-Rich” bus, visiting cities such as Edinburgh, Newcastle, Manchester, Liverpool, Birmingham, and London. The group says the growing number of community facility closures — including parks, libraries, and youth centres — highlights the urgent need for reform.

Figures obtained through freedom of information requests show that at least 206 public facilities in Scotland have been closed or transferred to community management in the past five years. According to the group, one public service or facility has shut down every three days in the UK since 2020.

Jamie Livingstone, head of Oxfam Scotland and spokesperson for Tax Justice Scotland, backed the campaign, saying: “People are watching their local facilities disappear, with wider public services stretched threadbare. Yet the wealth of a privileged few continues to rise. Better taxing extreme wealth isn’t radical — it’s responsible, long overdue, and the UK Chancellor should get on and do it.”

The Patriotic Millionaires argue that addressing wealth inequality is not only a moral imperative but also an economic necessity. They say a fairer distribution of wealth would boost consumer spending, improve social stability, and strengthen the foundations of the economy.

As Reeves prepares her Budget announcement, the debate over wealth taxation is set to intensify, with both supporters and critics weighing in on whether such reforms can deliver the social and fiscal balance the government aims to achieve.