A growing coalition of climate and civil society groups is urging the UK government to implement a wealth tax, arguing that the burden of funding the green transition should not fall on the poorest in society.
Campaigners from Green New Deal Rising staged a sit-in last week outside the headquarters of the Reform UK party in London, part of a broader wave of demonstrations targeting properties linked to the ultra-wealthy. The protests form part of the “Pay Up” campaign, backed by more than 20 organisations including Friends of the Earth, the National Education Union, and Tax Justice UK.
The campaign calls for a 2% annual tax on assets exceeding £10 million, closure of tax loopholes, and the alignment of capital gains tax with income tax. It also demands an end to public subsidies for high-polluting industries such as failing water companies and fossil fuel firms.
According to Tax Justice UK, a 2% wealth tax on fortunes above £10 million could generate £22 billion annually, while additional reforms proposed by campaigners could raise another £50 billion each year.
“Fixing our broken tax system so that it finally taxes those who earn their income from assets and wealth at the same rates as the majority of the population, who earn their money from work, is the fair thing to do,” said Hannah Martin, co-director of Green New Deal Rising. “We must tax the booming fortunes of the super-rich to rebalance our economy and fund investment in our communities, our schools, libraries as well as much-needed climate action.”
Campaigners argue that while ordinary people face stagnating wages, rising living costs, and deteriorating public services, the wealthiest individuals and corporations continue to grow richer, hoarding resources that could be used to address the climate and cost-of-living crises.
Martin added: “Climate campaigners are calling for wealth taxes because we have been told for years that ‘there’s no money’ to tackle climate change. But we can see along with the public there is enough money and it is being hoarded by the super-rich and polluting corporations.”
The demand for a wealth tax has gained momentum in recent months, with support from economists, think tanks, trade unions, and political figures including former Labour leader Neil Kinnock.
Critics argue that such a policy could drive wealthy individuals to leave the UK, a concern that has featured prominently in recent media coverage. However, experts note there is no significant evidence to support claims of a mass exodus of millionaires. In fact, the number of high-net-worth individuals in the UK has risen steadily over the past two decades.
Zack Polanski, a candidate for the leadership of the Green Party, echoed the campaign’s demands, stating that the wealthiest—who are also among the largest emitters—must pay their fair share to confront the climate crisis. He criticised current climate strategies, saying they disproportionately place responsibility on the poorest in society.
Under current UK government plans, the country aims to reach net zero carbon emissions by 2050. Campaigners insist this transition must be funded equitably, with the ultra-wealthy contributing proportionately to the solutions.
