UK proposes 2% tax on wealth over £10 million

A movement in the UK is advocating for a new tax on extreme wealth instead of cutting foreign aid budgets. The proposed tax would be 2% on wealth exceeding £10 million. Supporters argue that rich individuals should contribute more to support those in need, rather than reducing funds for vulnerable communities abroad. Victoria Lupton, a leading figure in this movement and head of an arts charity, emphasizes the need for wealthy people to pay their fair share. She became motivated after the UK government announced significant cuts to its international development budget, which, she argues, will harm many, especially refugees in Jordan and Lebanon. The UK government plans to lower development spending from 0.5% to 0.3% of the country's gross national income. This reduction is partly to increase military funding, raising concerns that crucial services focused on humanitarian aid and women's rights may be neglected. Critics believe this decision mirrors similar cuts by the US government. As public support for aid diminishes in the UK, many feel it’s unfair to send money abroad when domestic needs are high. Current aid policies have diverted funds, with 28% of the UK aid budget reportedly used for supporting asylum seekers within the country. Many see this as a broken system that misuses foreign aid to address domestic issues. Proponents of the wealth tax believe it could generate around £24 billion annually, which would dwarf current spending on foreign aid. Campaigners have suggested that this tax would mainly affect a tiny fraction of the population, leaving essential services intact. Despite concerns that a wealth tax may drive the wealthy to relocate, advocates argue most will stay because their lives are rooted in the UK. Cooperation between nations on tax policies could further ensure wealthy individuals do not evade such taxes by moving abroad. Lupton remains optimistic about this proposal, stating it represents a chance to create a fairer system. While challenges remain, she believes awareness is growing around the need for reform to achieve a more equitable society.