Greens join calls for a Wealth Tax in the UK

Green Party NI Leader, Senator Mal O’Hara calls for Wealth Tax.

Senator O’Hara said “The Green Party Northern Ireland joins the Scottish, English and Welsh Greens in calling for a Wealth Tax in the UK. A Wealth Tax will only impact the richest 1% of people in the United Kingdom. That is those with wealth of more than £3.4 million. In a cost-of-living crises, an environmental crisis and when public services are shattered after 14 years of Tory austerity, it is only fair to ask those with the broadest shoulders to pay a little bit more in tax.”

Mal continued “ The UK is one of the wealthiest countries in the world, but also has one of the largest gaps between the wealthiest and the poorest. During the pandemic, the richest in society expanded their wealth, whilst the poor struggle to make ends meet. It is time for them to pay their fair share. The Wealth Tax and a proper windfall tax on big energy companies who have made record profit in recent years, will bring in a minimum of £75 Billion per annum. This money can be used to rebuild public services, build social homes and fund the climate transition to net zero. While Executive parties have repeatedly ruled out any form of revenue raising, this proposal will provide additional funding for Northern Ireland in the face of huge financial challenges ahead.”

The Green Party NI leader finished by saying “We know the Tories are toast. We know that Labour will win this election. We need a strong group of Green and Independent MPs who will dare Labour to be braver rather than Tory-lite. This policy is a perfect example of this.

If we are serious about a Greener, Cleaner, Fairer UK then this is the type of bold policy proposal that is required.”

ENDS

Press contact; Mal O’Hara 07540 790663.

 

Further info below.

  • Marginal Wealth tax affecting top 1% of households: Wealth taxed at 1% for household wealth above £3.4m, 5% of wealth above £5.7m and 10% on wealth above £18.2m.  These marginal rates only affect the top 1%, 0.5% and 0.1% of households respectively. Analysis from the University of Greenwich shows that this tax would raise over £70 billion a year and potentially up to £130 billion. https://gala.gre.ac.uk/id/eprint/33819/
  • Wealth in this instance includes property assets, pension wealth, physical wealth (cash on hand) and business wealth (investments, shares, etc.)
  • Close the loopholes in the conservative’s windfall tax on fossil fuel profits backdated to 2022. This would properly tax fossil fuel and energy companies on the sharp rise in profits during the cost-of-living crisis perpetrated by the volatile global oil and gas markets.
  • This would raise an extra £75bn to be used to support low-income households and rebuild crippled public services under the conservative government. This includes a national programme for insulating homes and a renewable energy programme in government control ending the plague of cold homes and expensive energy bills.
  • This policy will be implemented in tandem with legislation to crack down on tax avoidance and hiding of wealth.