Following the 'Proud to Pay' letter from 120 UK millionaires to PM Andy Burnham, we call on the Government to introduce an annual 2% tax on net assets over £10 million.

Over 120 UK millionaires recently wrote to the new Prime Minister asking to be taxed more on their accumulated wealth, not just their earned income. A 2% tax on assets over £10 million could raise around £24 billion a year, with further reform of capital gains tax raising more. This money could fund public services and reduce the tax burden on working people. The Government should take this offer seriously and set out a clear plan for taxing extreme wealth at the next Budget.