The Institute for Fiscal Studies has warned that the government needs to find £25bn in tax rises to fix public services and avoid austerity (Report, 10 October). To find this money, the chancellor should draw on the 10 progressive tax reforms identified by Tax Justice UK and Patriotic Millionaires UK, which could raise up to £60bn a year. There is plenty of money out there: the richest 10% of households own 57% of wealth in the UK. At the same time, some of the wealthiest, such as Rishi Sunak, pay very low effective tax rates.
Our tax reforms, like a 2% wealth tax on the very richest (only 0.04% of the population), ask those with the broadest shoulders to contribute a fairer share. Taxing the super-rich more can give the UK the tools to build a better, stronger boat for everyone, instead of always looking for the bucket to bail out the water. Key services we all rely on are crying out for funding that enables them to become world-class, rather than hanging on by a thread.
Robert Palmer
Executive director, Tax Justice UK
