PM Andy Burnham Faces Millionaire Demands for New Annual Wealth Tax

• More than 120 UK millionaires including Gary Lineker have urged the Prime Minister to introduce a wealth tax.
• A proposed 2% levy on households with assets exceeding £100 million could raise £10 billion annually.
• Prime Minister Andy Burnham has declined to rule out the measure, citing a need for fairness.
• The Patriotic Millionaires UK group advocates for taxing wealth-based income over labour-based income.

More than 120 of the UK’s wealthiest individuals, including former Match of the Day presenter Gary Lineker, have signed an open letter to Prime Minister Andy Burnham calling for the introduction of a wealth tax. The letter, organised by the group Patriotic Millionaires UK, argues for a shift in the tax system to focus on income derived from wealth rather than income from work, with the aim of reducing economic inequality across the nation. Notable signatories include screenwriter Richard Curtis, novelist Val McDermid, and former City trader Gary Stevenson.

Andy Burnham, who was sworn in as the 59th Prime Minister of the United Kingdom on 20 July 2026, has already signalled a move towards a 'greater sense of fairness' in the UK economy. Succeeding Keir Starmer, who resigned in June 2026, Burnham has declined to rule out the possibility of a new wealth tax as he prepares to introduce a 10-year plan for Britain later this year. His administration is reportedly focusing on domestic priorities and further devolution.

Details of the proposal, as reported in The Mirror, suggest a 2% tax on households possessing wealth in excess of £100 million. Proponents estimate that such a measure would affect fewer than 1,000 of the richest households in the country while generating approximately £10 billion in annual tax revenue. To implement the system, Tax Justice UK has suggested a self-declaration model for asset values, mirroring the current process used for inheritance tax. This follows previous proposals from the Green Party, which had suggested a 1% tax on assets over £10 million.

However, the prospect of a wealth tax has met significant opposition. Conservative leader Kemi Badenoch described the proposal as a 'fresh tax raid' by the Labour government. Shadow Chancellor Mel Stride also warned that the Prime Minister's comments are 'fueling speculation' and could potentially push the UK economy to a 'breaking point.' This debate marks a departure from the stance of former Chancellor Rachel Reeves, who had previously opted against a blanket wealth tax due to concerns over its practical application.

Critics from the private sector have also voiced concerns. Dan Neidle of Tax Policy Associates warned that an annual wealth tax could drive wealth creators away from Britain, potentially harming the long-term economy. As the government considers its options, the focus remains on how the new administration will balance its 10-year plan with the demands of high-net-worth individuals who are actively asking to be taxed more heavily to support public services.

Tom Church, Co-Founder of LatestDeals.co.uk, said, "The debate over a potential wealth tax highlights a significant shift in the economic conversation, as the public waits to see how any new measures might impact the funding of essential services and the wider cost of living."