Major union tells Labour to implement ’emergency 1% wealth tax’ on super-rich
Unite claim their 'emergency wealth tax' policy would raise £25 billion, and only apply to assets starting from over £4 million.
by Tom Head
2024-08-25
One of the biggest trade unions in the UK is set to press the Labour government into adopting an emergency wealth tax, in order to properly fund crumbling public services and to pay for tens of thousands of new employees needed within the NHS.
ALSO READ: ‘Most wealthy people support a wealth tax’ – Hugh Fearnley-Whittingstall
Can an emergency 1% wealth tax fix broken Britain?
Unite, who will also be attending the Trades Union Congress in Brighton next month, have suggested taxing 1% of all assets worth over £4 million. So for every pound earned over that threshold, a penny will go towards the public pot.
The second-largest union in the country estimates that roughly £25 billion could be raised by this policy, which would only target the UK’s super-rich citizens. The RMT, led by Mick Lynch, is also in favour of implementing an emergency wealth tax.
Unite to target ‘super-rich’ in upcoming TUC speech
Sharon Graham is the general secretary of Unite. She has hinted at frustrations with Labour’s position on public finances, arguing that no-one can simply wait around for the economy to grow and hope for the best. Graham and her colleagues want direct, swift action.
“The idea behind a wealth tax is that we need serious investment in our crippled public services and in industry to ensure a prosperous future for Britain’s workers and their communities. We won’t get the money needed for that just by waiting for growth.” | Sharon Graham
Wealth tax proposals welcomed – and championed – by Green Party
The TUC will likely test the uneasy relationship between trade unions and Keir Starmer, who reached something resembling a pact heading into the General Election. But, with Sir Keir hoping to play it safe and sensible with non-left voters, calls for a wealth tax will probably go unheeded.
Zack Polanski, deputy leader of the Green Party, has welcomed the 1% emergency tax proposed by Unite. Speaking on social media, the politician reminder the public that his party – who now have four MPs in Parliament – have been ‘pushing wealth taxation for years’.
by Tom Head
2024-08-25
One of the biggest trade unions in the UK is set to press the Labour government into adopting an emergency wealth tax, in order to properly fund crumbling public services and to pay for tens of thousands of new employees needed within the NHS.
ALSO READ: ‘Most wealthy people support a wealth tax’ – Hugh Fearnley-Whittingstall
Can an emergency 1% wealth tax fix broken Britain?
Unite, who will also be attending the Trades Union Congress in Brighton next month, have suggested taxing 1% of all assets worth over £4 million. So for every pound earned over that threshold, a penny will go towards the public pot.
The second-largest union in the country estimates that roughly £25 billion could be raised by this policy, which would only target the UK’s super-rich citizens. The RMT, led by Mick Lynch, is also in favour of implementing an emergency wealth tax.
Unite to target ‘super-rich’ in upcoming TUC speech
Sharon Graham is the general secretary of Unite. She has hinted at frustrations with Labour’s position on public finances, arguing that no-one can simply wait around for the economy to grow and hope for the best. Graham and her colleagues want direct, swift action.
“The idea behind a wealth tax is that we need serious investment in our crippled public services and in industry to ensure a prosperous future for Britain’s workers and their communities. We won’t get the money needed for that just by waiting for growth.” | Sharon Graham
Wealth tax proposals welcomed – and championed – by Green Party
The TUC will likely test the uneasy relationship between trade unions and Keir Starmer, who reached something resembling a pact heading into the General Election. But, with Sir Keir hoping to play it safe and sensible with non-left voters, calls for a wealth tax will probably go unheeded.
Zack Polanski, deputy leader of the Green Party, has welcomed the 1% emergency tax proposed by Unite. Speaking on social media, the politician reminder the public that his party – who now have four MPs in Parliament – have been ‘pushing wealth taxation for years’.
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