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Research has found that most rich people in the UK would be happy to fund public services and pay more income tax, softening fears that millionaires could leave the country due to financial pressures.
It seems as though millionaires in the UK might be more open to higher taxes than previously thought, at least according to new research.
A survey was conducted on behalf of Patriotic Millionaires UK, a network of wealthy individuals that campaigns for higher taxes on the financially elite. As The Guardian reports, its members include Brian Eno and Gary Stevenson, among others.
According to the new data, 88% of millionaires included in the report said they were ‘proud to live in the UK,’ with 43% concerned about doctors and qualified health staff leaving the country. By comparison, only 9% said they were worried that millionaires would follow the same pattern.
75% say they’d be prepared to pay more tax to fund ‘social, cultural, and economic attributes’ that contribute positively to the UK. 64% also believed that taxes should be increased on the capital and assets of the ultra-rich to reduce the financial pressure on ordinary people.
These numbers contradict highly-publicised and well-documented fears that millionaires and influential people are leaving the UK due to taxes and unfavourable financial rules. It also comes as the Labour party scrambles for potential new leadership following the Reform party’s major local election gains last week.
It seems we might not need to be too concerned about taxes scaring away the wealthy. That will come as good news for Gen Z, who are facing intense financial anxiety amid a spiralling cost-of-living crisis and a competitive job market being transformed by AI.
