𝓤𝓷𝓲𝓽𝓮𝓭 𝓝𝓮𝔀𝓼

A Treasury minister has declined to say whether Andy Burnham’s Government will heed a call from millionaires including Gary Lineker for a higher tax on their wealth.

Chief Secretary to the Treasury Emma Reynolds welcomed the offer, but said any announcement on tax policy would be made in the budget.

Sports pundit and former footballer Lineker is among 120 UK-based millionaires to sign an open letter to the Prime Minister saying they should pay more tax.

The “Proud to Pay” letter published on Thursday claims the money raised from higher taxes on wealth could be used to reduce inequality, support public infrastructure, and back small businesses.

Ms Reynolds would not be drawn into whether Mr Burnham will consider what they are asking for.

She told Sky News: “Well, look, it’s day four of this new Government, and obviously any major tax changes would be announced at a budget.

“I welcome the fact that people of good means are saying that they want to pay more. They can pay more.

“There is a link on gov.uk, but look, we have to look at tax policy in the round, and we only make major tax announcements at budgets.”

The letter, organised by the Patriotic Millionaires UK campaign group, reads: “We want you to tax us. We can afford it.

“We’re not talking about higher taxes on those who get up and go to work for their income every day, but on the very richest whose income is derived from the wealth they hold.”

Lineker said: “Paying your fair share is a basic British value, but so many ordinary people are already paying more than they can afford.

“Our richest people can do more and most want to.

“Our fantastic country deserves all of us to get behind it.”

“I’m proud to stand with people across the UK who want to live in a more equal society,” he added.  

“To live up to our national values our new Government must raise taxes on extreme levels of wealth for a fairer, better, more hopeful Britain.”

Other signatories include crime writer Val McDermid, musician and songwriter Brian Eno, former chairman of Greggs Ian Gregg, economist and former City trader Gary Stevenson, and investor Julia Davies.

According to Patriotic Millionaires, a 2% tax on wealth over £10 million could raise £24 billion a year for the UK, while reforms to capital gains tax could raise a further £12 billion.

But Tory leader Kemi Badenoch said a wealth levy is not the answer to raising UK living standards.

She told reporters after a central London speech: “On Gary Lineker, he’s very welcome to pay more tax. He can write a cheque to the Treasury. No one’s stopping him.

“But right now, we are seeing the people who create jobs leaving the country…

“If we keep taxing the people who create the jobs, who generate the growth, we’re not going to have any taxes at all.”

She added that tax rises and “pennies here and there” do not increase our standard of living, and that the focus should be on “backing business so that they can create jobs and create growth”.

Ms Davies, a member of Patriotic Millionaires, said: “We millionaires are here to be taxed more and we urge our new PM to grab this opportunity with both hands and tax our wealth.

“This is a fresh opportunity for our country.

“A chance for the Prime Minister to help rebalance power, reduce the shocking levels of wealth inequality which intensifies the cost of living crisis, and raise much-needed revenue for our public services, improving life for everyone.”

Polling from the campaign group showed that 80% of UK millionaires support a 2% tax on wealth over £10 million.

“As you decentralise political power, you should also disperse economic power,” the open letter adds.

“Extreme wealth sitting idle in the hands of a few can be put to work: reducing inequality, investing in sustainable jobs, strengthening hospitals, schools and social care, supporting entrepreneurs with the skills and infrastructure they need, and giving small businesses access to affordable finance.

“Our wealth is our country’s secret weapon – let’s get serious about using it.”