The former chairman of North East bakery chain Greggs has called on the Government to tax wealthy people like him in a bid to ease some of the divisions in UK society.
Ian Gregg, who retired 20 years ago as chairman of the firm started by his father John, helped instill the social values that remain at the company through the formation of the Greggs Foundation. He no longer has any role in the company, but speaking in a personal capacity said that the backlash to tax cuts during the ill-fated Liz Truss premiership showed there was an appetite to put higher taxes for the wealthy on the political agenda.
Mr Gregg’s comments came after the ill-fated “mini Budget” delivered by then Chancellor Kwasi Kwarteng, which lowered the rate of tax for high earners. Though those changes have since been reversed under current Chancellor Jeremy Hunt, Mr Gregg believes that even modest rises in tax rates for wealthy people would be the right thing to do.
