By GB News (Politics) | Created at 2026-09-01 04:46:24 | Updated at 2026-09-01 05:25:23
45 minutes ago
Over half of Britons think the wealthiest earners already pay their fair share of tax, a damning new report has revealed.
Nearly 70 per cent of the public believe the top one per cent of earners pay an appropriate level tax, new research by think Adam Smith Institute has revealed.
Around two-thirds of those polled recognised that taxes on working people would be rise if wealthy people were forced to leave the country, the research also suggested.
According to the TaxPayers' Alliance, the top one per cent earn 13.3 per cent of total income, but pay 28.2 per cent of all tax.
And data from the Office for National Statistics (ONS) has uncovered that wealthier households saw prices rise higher than poor ones for the first time since March last year.
The number of British millionaires dropped to 442.000 last year under Labour - a 7 per cent decline on year.
Sir Mel Stride - who has been replaced as Shadow Chancellor in Kemi Badenoch's frontbench reshuffle - said Britain's patience was "wearing thin" with tax rises from Labour.
He told the Daily Mail: "The British people know, far better than this Government, that prosperity is driven by people who want to build a better life, for them and their children.
Andy Burnham has not ruled out some form of wealth tax
"But that won't happen if we hunt down the aspirational and the wealth creators with ever more tax hikes, when they already bear the majority of the burden."
Andy Burnham has not ruled out a wealth tax - but has not formally announced the policy.
Last week, he was warned against increasing Capital Gains Tax by Lord O'Neill, arguing it would discourage entrepreneurs from staying in the country.
The crossbench peer and economist said any increase would be inadvisable while British businesses were under pressure.
Former City banker Gary Stevenson has long advocated for a wealth tax
"At a time where a lot of business still struggles from Brexit and struggles from the changes in national insurance and the Labour market changes to zero hours to have that and inheritance tax, it's just like it would be yet more, and obviously at a time where the country's growth rate has been so weak," he told The Times.
He added: "I think there is some evidence that if you push it up too much you end up losing money."
Shimeon Lee, policy analyst at the TaxPayers' Alliance, said Labour was "determined to squeeze" Britain's highest earners.
"Driving wealthy taxpayers and investors overseas is economic self-harm, leaving workers to pick up the tab," he added.
Lord O'Neill has urged the Government to not increase tax while British businesses were under pressure
"Ministers should stop punishing success and get spending under control."
A wealth tax has been pushed by the likes of the Green Party and former City banker Gary Stevenson.
This includes a tax of one per cent annually on assets above £10million and two per cent on assets above £1billion.
The party would also reform Capital Gains Tax to align the rates paid by taxpayers on income and taxable gains, which they say would affect less than two of all taxpayers.
