Wealth Tax Revolution: A Millionaire's Call to Action for the Lib Dems

A patriotic millionaire is rallying the Liberal Democrats to support a new wealth tax as they strategize their economic stance. Mark Robinson, who humorously dubbed himself the “most left-wing man in commercial real estate,” expressed approval for the party’s proposal for a windfall tax on big banks but criticized it as inadequate, likening the estimated £7bn annual revenue to a mere “drop in the ocean”. He represents Patriotic Millionaires UK, a group advocating for significantly higher taxes on the wealthy, aiming to gain traction at political conferences leading up to the Budget in November, where Chancellor Rachel Reeves is likely to introduce more tax hikes.

Robinson encouraged the party to endorse a 2% tax on assets over £10m, alongside increasing the capital gains tax to mirror income tax rates. Historically, the Lib Dems have included vows to raise capital gains taxes and reverse Tory cuts in their previous election manifesto. They are currently navigating how best to position themselves on inheritance taxes as well.

With the party emphasizing a working group to gather expert insights on their economic policies, there remains ambiguity regarding their precise tax direction ahead of the next general election. Bobby Dean, a Lib Dem MP, noted that major tax policies tend to emerge closer to elections, encouraging a comprehensive approach to taxation that resonates with voters. Alongside him, Andrew George, another Lib Dem MP, reflected on the growing complexity of the tax system, advocating for an essential reevaluation of how wealth is taxed, suggesting the term “wealth tax” may need to be rephrased to avoid the stigma that has attached to it. He concluded with a call for the party to confront the widening inequality gap.