London Daily

Focus on the big picture.
Tuesday, Jul 07, 2026

Britain needs a wealth tax to pay for Covid lockdowns and to reduce inequality. But will our craven politicians even consider it?

Britain needs a wealth tax to pay for Covid lockdowns and to reduce inequality. But will our craven politicians even consider it?

A study showing that the 'one percent' are even richer than we thought puts paid to the lie that we're ‘all in this together’ – real levies on assets and property are what is needed to make the UK a functioning country again.
It seems the rich are even richer than we thought. Just in time for them, the lucky dears. For the rest of us, as we look into 2021, we’re staring unemployment, debt, and rent arrears and poverty in the face.

Without state intervention, hundreds of thousands of Britons will be thrown onto the scrapheap, with no work, no homes, and reliant on food banks for sustenance. This begs the question: is anyone in politics brave enough to suggest the unthinkable – a wealth tax and a mansion tax? Real redistribution of undeserved wealth and a genuine solution for undeserved poverty?

In January 2015, I joined 2,000 housing campaigners to march over Tower Bridge to London’s City Hall. Boris Johnson was mayor at the time, and our gripes were: the lack of affordable homes in London, local councils social cleansing the poorest from their boroughs while selling off public assets, and the richest people in the world using the London property market as safety deposit boxes to park their money.

We jubilantly sang: “The rich – the rich – we have got to get rid of the rich”

Obviously that didn’t happen – politicians love rich people and want to be wealthy like them (look at Tony Blair, for example) – but a stern look at the one percent and the damage they are causing society is well overdue. The Resolution Foundation think tank published a report last week showing that the wealthiest one percent in the UK were at least five percent wealthier than we thought.

They looked at ONS data and the Sunday Times Rich list and found that it is far more difficult than ever to calculate how wealthy the rich really are, particularly when property values are being overestimated and underestimated simultaneously, and also because a large proportion of private wealth in the UK is hidden in other assets, like shares.

Wealth inequality in the UK is rising, and that is the symptom of a society that is sick. Large wealth gaps between rich and poor make the whole country poorer. It sucks hope out of the poorest communities, strangles opportunities for working class people, terrifies the middle class, and leaves the rich in a state of perpetual denial about just how wrong being too rich really is.

In these times of Covid, where the government, the opposition, and the wider political industry apparently want us to “pull together” and see ourselves as a larger community, the truth is we have never been so divided – and no one is being fooled. The last time a chancellor, George Osborne, went for the “We are all in this together” rhetoric was after the bankers played roulette with the world economy and we, not they, lost.

The City and Wall Street bet specifically on whether the poorest would be able to pay their mortgages, and hedged on the idea that there would be financial opportunities in foreclosure and working-class people’s homelessness. What fun they must have had, and what pockets they stuffed, as they crashed the global economy.

What “all in this together” meant in 2010 was a decimation of public services needed by the working class, such as libraries, schemes to help youths, meals on wheels for old folk, and mass job losses in low-paid but previously reliable local government employment.

Hundreds of thousands of people lost jobs as street cleaners, teaching assistants, and youth workers as the government “rebalanced the economy” by cutting billions off public expenditure, with the burden disproportionally falling on those least able to take that financial hit.

It is no surprise therefore that 12 years after the banking crash, ten years of austerity measures, and now a year of lockdowns, illness, pressure on the NHS, and looming mass unemployment, the wealthiest remain untouched. Their wealth has actually increased during Covid – by billions.

So we need a government that grows some cojones and accepts that this rising and obvious wealth inequality gap is out of control and extremely damaging politically, socially, economically, physically, and spiritually. All of us need to have a grown-up conversation about real redistribution that is long-term and lasting, and not just temporary for Covid.

I have no faith that Johnson, now upgraded from mayor of London to prime minister, will be prepared to do this. In April 2020, the chancellor, Rishi Sunak, raised the Universal Credit payment by £20 a week, tacitly accepting that its current levels were impossible to live on. However, he is now warning us that the £20 a week uplift was temporary and will be removed in March 2021.

This will throw millions of people into destitution. This chancellor is unlikely to say or do anything as radical as one his celebrated predecessors and “squeeze property speculators until the pips squeak.”

If there is no political will or bravery to have that conversation of “how much is too much?” and to put in place measures like real asset taxes on property and high pay that have teeth, then the chasm between rich and poor will only continue to grow.

We need real consequences for the billionaires, property developers, and money launderers that use the UK economy and the British people as disposable systems and assets to play with and exploit, and who then sail off on their superyachts, having milked the cow dry.

Meanwhile, ordinary people are left with no jobs and depleted pensions. There needs to be a grassroots movement that demands that our governments, both local and national, act on those that simply do not know they have too much because they have been allowed to sail away from the rest of us. Today I don’t want to get rid of the rich – I just want to tax them until their eyes bleed.
Newsletter

Related Articles

0:00
0:00
Close
Microsoft Lays Off 4,800 Employees and Xbox Suffers the Hardest Blow
Deep Purple Has Released Its Best Album in Decades
Office for National Statistics Updates Historical Investment Data Review to Improve Accuracy
Department for Science, Innovation and Technology Highlights Economic Gains From Digital Inclusion
Debate Intensifies Over UK Defence Strategy and Domestic Security Priorities
Report Warns Full Transport Accessibility Could Add £176 Billion to UK Economy Annually
Medicines Regulator Approves First Targeted Treatment for Advanced Merkel Cell Skin Cancer
Government Commits £22 Million to Brighton Seafront Infrastructure Renewal and Transport Safety
National Security Bill Returns to House of Commons Amid Calls to Protect Humanitarian Work
Government Tightens Overseas Political Donation Rules to Strengthen Safeguards Against Foreign Influence
NHS Maternity Reform Expands Central Oversight After Critical National Review
Dover Border Warnings Highlight Post-Brexit Pressure on Cross-Channel Trade
Private Nuclear Consortium Advances £35 Billion Small Reactor Strategy in UK
UK Labour Leadership Signals Shift Toward Reindustrialisation and Regional Power
House of Lords Debates Rail Nationalisation Bill to Create Great British Railways
Scottish Affairs Committee Expands Inquiry Into SNP Financial Conduct
Evri Launches £1.2 Million Defamation Case Against BBC Over Panorama Investigation
Port of Dover Warns of Border Delays as EU Entry-Exit System Looms
Nigel Farage Referred to Standards Watchdog Over Alleged Undeclared Benefits
UK Government Faces Scrutiny Over Claimed AI Datacentre Investment After FOI Findings
UK and India Finalise Trade Agreement Rules Ahead of Mid-July Implementation
UK Government Establishes National Maternity Commissioner After Major Review of NHS Care Failures
Private Consortium Plans £35 Billion UK Nuclear Programme Targeting Small Modular Reactor Rollout
Andy Burnham Sets Out Ten-Year Reindustrialisation and Devolution Plan as Leadership Transition to UK Premiership Advances
Morocco and France Advance as 2026 FIFA World Cup Enters Quarterfinals.
Historic 2026 Tour de France Opens in Barcelona With Revamped Team Time Trial.
Global Mergers and Acquisitions Approach $4 Trillion Defying Geopolitical Tumult.
Negotiators Advance 20-Point Framework for Gaza Ceasefire and Demilitarization.
OECD Warns Middle East Conflict Will Depress Global Economic Growth.
Ukrainian Drones Strike Major Oil Terminal in St. Petersburg.
World Meteorological Organization Issues Urgent Alert Over Rapidly Intensifying El Niño.
United States Commemorates 250th Anniversary With Diplomatic Summits and Global Flotilla.
Iran Begins Days-Long Funeral for Supreme Leader Khamenei Amid Strait of Hormuz Standoff.
Technology giant reports surging carbon emissions driven by artificial intelligence infrastructure demands.
Artificial intelligence adoption accelerates workforce reductions across the technology and financial sectors.
Global technology and financial conglomerates collaborate to launch a new stablecoin standard.
United States regulators lift export restrictions on a major frontier artificial intelligence model.
Royal Society Exhibition Highlights Growing Focus on Public Trust in Science
Energy Costs and Supply Chain Risks Continue to Shape UK Business Strategy
Rapid Rise in Artificial Intelligence Adoption Reshapes UK Corporate Operations, ONS Says
UK Businesses Turn Defensive as Economic Outlook Weakens, Institute of Directors Data Shows
UK Government Faces Criticism Over Late Extension of Pub Hours for England Match
Inquest Continues Into Death of Noah Donohoe as Jury Deliberates Findings
Calls for Stronger Wildlife Attraction Safety Rules After Crocodile Enclosure Injury
City Fire Under Control After Major Blaze Sends Smoke Across Urban Area
Police Investigation Continues After Officer Killed During Road Closure Duties
Blackpool Hotel Fined £120,000 After Electric Shock Incident Involving Child
Whistleblowers Allege Delays in UK Special Educational Needs Support Services
Calls Grow for Improved Support for UK Armed Forces Personnel Facing Health Conditions
Rising UK Energy Price Cap Increase Prompts Wider Concerns Over Household Pressures
×