Autumn Budget 2026

Summary

That this House notes the extent of widening inequality in the UK, that the top 50 richest families now hold more wealth than the poorest half of the population and that there has been nearly 1000% increase in the wealth of UK billionaires since 1990; further notes that a dynamic study commissioned by Patriotic Millionaires and conducted by Dr Ben Tippett on the Sunday Times Rich List reported that £160 billion could have been raised for the UK's public finances over the past 35 years if those on the Rich List were annually taxed 2% on their net wealth, whilst their share of the wealth would still have increased from 1.7% to 2.7%; believes that moderate taxes would not provoke capital flight as lobbyists assert and is repeated by some media and commentators; also notes that an EU Commission study (2026) of 7 countries found negligible migration responses to wealth taxes; highlights considerable evidence that low taxes on wealth can be counterproductive for growth and productivity and that research by tax policy experts at CenTax and the IFS shows that equalising capital gains and income tax rates alongside introducing an investment allowance supports productivity and growth and would raise £19.7bn a year, as does taxing share buybacks and expanding NICs to income from wealth; notes the UK's tax-to-GDP ratio is around 35% according to OECD data (2024), lower than comparable G7 economies France (44%), Italy (43%), Nordic countries (41-43%); and calls on the Chancellor to reflect on these factors.

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Timeline

1. 12 October 2026

   Early Day Motion

   That this House notes the extent of widening inequality in the UK, that the top 50 richest families now hold more wealth than the poorest half of the population and that there has been nearly 1000% increase in the wealth of UK billionaires since 1990; further notes that a dynamic study commissioned by Patriotic Millionaires and conducted by Dr Ben Tippett on the Sunday Times Rich List reported that £160 billion could have been raised for the UK's public finances over the past 35 years if those on the Rich List were annually taxed 2% on their net wealth, whilst their share of the wealth would still have increased from 1.7% to 2.7%; believes that moderate taxes would not provoke capital flight as lobbyists assert and is repeated by some media and commentators; also notes that an EU Commission study (2026) of 7 countries found negligible migration responses to wealth taxes; highlights considerable evidence that low taxes on wealth can be counterproductive for growth and productivity and that research by tax policy experts at CenTax and the IFS shows that equalising capital gains and income tax rates alongside introducing an investment allowance supports productivity and growth and would raise £19.7bn a year, as does taxing share buybacks and expanding NICs to income from wealth; notes the UK's tax-to-GDP ratio is around 35% according to OECD data (2024), lower than comparable G7 economies France (44%), Italy (43%), Nordic countries (41-43%); and calls on the Chancellor to reflect on these factors.

   Source: Early Day Motion

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Sponsors

• Andrew George · Liberal Democrat · Primary sponsor

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