The petition of residents of the United Kingdom,
Declares that a 2% wealth tax on assets over £10 million could generate an additional £24 billion per year, considerably more than the £5 billion the Government plans to save by cutting key financial support for disabled people.
The petitioners therefore request that the House of Commons urges the Government to take into account the requests of the petitioners and consider the resource benefits of wealth taxes as an alternative to cutting disability support.
And the petitioners remain, etc.—[Presented by Richard Burgon, Official Report, 30 June 2025; Vol. 770, c. 100.]
[P003086]
Observations from the Exchequer Secretary to the Treasury (James Murray):
The Government thank the hon. Member for Leeds East (Richard Burgon MP) for submitting the petition on behalf of his constituents regarding disability support and the implementation of a 2% wealth tax on assets over £10 million.
The Government believe the wealthiest in society should pay their fair share of tax. At autumn Budget 2024, the Chancellor took a number of decisions to raise taxes on wealth and the wealthy to help fix the public finances and support public services like the NHS and education.
These tax changes included abolishing the non-domiciled tax status, raising the rates of capital gains tax, limiting inheritance tax reliefs, ending tax breaks for private school fees, and increasing air passenger duty for private jets. HMRC is also increasing its work to ensure the wealthy pay the tax they owe, as part of the biggest-ever package to close the tax gap.
In addition to collecting substantial revenue from existing taxes on wealth and assets, the UK also has a progressive income tax system. The top 5% of the population are projected to pay nearly half of all income tax in 2025-26, with the top 1% projected to pay over 28%.
At the same time as making sure those with wealth pay their fair share toward the public finances, the Government want to support successful businesses and entrepreneurs who create jobs and wealth and drive economic growth. That is why the Government are removing barriers to growth such as burdensome planning processes and unnecessary regulation.
The Government also want to reform our benefits system which is currently failing people by producing poor employment outcomes, low living standards and high costs to the public purse. The Government will move forward, following further consultation, with changes that are needed to fix the system.
The Universal Credit Bill puts in place important reforms to tackle work disincentives and support those who can work to start or stay in work. It will also introduce the biggest above-inflation boost to the main rate of out-of-work benefits since the 1980s, according to the IFS, worth hundreds of pounds to low-income families. This means nearly 4 million households will receive an income boost, worth £725 by 2029-30 for a single household 25 or over, putting more money in people’s pockets and growing the economy.