Britain Isn’t Broke, It’s Being Robbed: Why We Need a Wealth Tax Now

Transfer of Public Wealth into Private Pockets

We’re told the same old story: that we’re borrowing too much, that the nation’s finances are in a black hole, that we have to make tough choices and cut spending. Sound familiar? It’s the lie we’ve been fed for decades by politicians desperate to sell off public services, cut welfare and blame migrants.

But here’s the thing: there’s no lack of money in Britain.

According to the Office for National Statistics, the UK’s net worth has almost doubled since 2010 to reach £13 trillion. We’re one of the ten richest economies on Earth.

Hang on… 2010 was when David Cameron’s government kicked off its so-called “age of austerity” - closing libraries, freezing teachers’ pay, slashing local budgets. So how did we get almost twice as rich during 15 years of cuts and chaos?

The answer is simple: inequality.

While ordinary Brits have seen their real incomes stagnate (TUC analysis), the richest have been busy hoovering up everything they can get their hands on: land, property, shares, you name it. As those asset prices have soared, so has the wealth of the elite.

The scale is obscene. The Equality Trust’s 2025 report shows the UK’s richest 50 families now own more than half the population combined. And Tax Justice UK reveals that the richest 1% hold as much wealth as the bottom 70%.

Here’s what that really means: once wealth is captured at the top, it stays there; guarded by accountants, lawyers and politicians who design the system to keep it that way. Almost a quarter of those earning £3 million or more paid no more than 12% tax. That’s 35% below the top income rate.

So let’s stop pretending Britain’s problem is overspending: it’s undertaxing the people and companies that can afford it.

Time for a Fair Tax System

We should tax money made with money the same as money made with a pair of hands. There’s no logic, moral or economic, for taxing wages more than wealth.

That’s why it’s time for a modest wealth tax, paired with equalising income tax and capital gains. Together, these measures could raise tens of billions each year. Tax Justice UK estimates around £60 billion from simple reforms alone.

And as we’ve set out in our piece on Wealth Tax, this isn’t about punishing success, it’s about balance. A fair tax system would allow us to invest in doctors, teachers and green infrastructure without squeezing those already paying their share.

Because right now, wealth inequality isn’t just unfair, it’s economic sabotage.

How the System Got Rigged

Since 1990, the number of UK billionaires has soared from 15 to 156. And while yesterday’s tycoons built industries, today’s billionaires mostly inherit their fortune then grow it passively through property and the stock market.

And it’s not just individuals. Multinational corporations are doing the same thing: extracting wealth while avoiding tax. According to TaxWatch UK, seven large tech firms dodged around £2 billion in UK taxes in 2021 alone, despite earning nearly £15 billion from British customers.

Then there’s privatisation, the great heist of public wealth. Since the 1980s, we’ve sold off everything from water and rail to energy. The result? Higher bills, lower standards, and billions flowing offshore. A 2025 study found £193 billion has gone to shareholders since privatisation; roughly £250 per household, per year, added straight to our bills.

Who owns much of Britain now? Hedge funds, private equity and foreign billionaires. The Common Wealth “Who Owns Britain” dashboard shows how vast chunks of our land and housing are now controlled offshore.

This isn’t a functioning economy, it’s extraction on an industrial scale.

Reclaiming What’s Ours

The more wealth hoarded at the top, the less that circulates through our communities in wages, services and opportunity. That’s why our hospitals are crumbling, our classrooms overcrowded, and our infrastructure decades out of date.

Unless something changes, this will only get worse. But the good news is: we can fix it.

A fair wealth tax, equal tax treatment for income and capital gains, and a crackdown on loopholes could transform Britain’s finances overnight. The money’s there, it’s just been taken out of circulation.

It’s time to put it back to work, for all of us… :)