Patriotic Millionaires visit Newport asking to be taxed

Patriotic Millionaires UK have stopped off in Wales as they travel across Britain in a custom bus with a clear message: “Tax us, the super-rich.”

Ahead of the upcoming Autumn Budget, the bus visited Newport today and joined with Oxfam Cymru to encourage as many people as possible to back the call for the Chancellor to tax wealth, not work, when she delivers her budget on 26 November.

This is ahead of the Senedd’s debate on wealth taxes, set to take place on Wednesday 19 November.

Julia Davies is an impact investor and member of Patriotic Millionaires, who was born in South Wales. She said: “I’m proud of my Welsh roots and I know how hard things are for people around here, and that will only get worse if working people and small to medium businesses are asked to foot the bill for tax rises in the budget.

“Our public services and buildings need investment, and we need to get that contribution by making the wealthiest people – millionaires like us – pay a bit more.

“We can afford it, and we want to support our fellow Brits by making that contribution.

“We welcome the Welsh Parliament’s debate on taxing wealth. It’s encouraging to see politicians in Wales across political parties taking the issue seriously and recognising that the current system isn’t fair.

“We hope the Chancellor will listen to the debates in the Senedd this week and work to ensure the wealthiest start paying their fair share.”

The tour comes as research from Patriotic Millionaires reveals that since 2020 at least one local public service or facility has been shut down every three days because of budget cuts.

Patriotic Millionaires submitted Freedom of Information requests to councils across the UK to better understand how austerity and funding gaps are affecting local services.

They say that, across Wales, communities are watching vital facilities deteriorate or disappear, with public services stretched to breaking point.

In Caerphilly, the council’s plans to close 10 libraries in 2025 were so severe they were blocked by the High Court, a sign of how deep the crisis in local services has become.

Although the revenues from these taxes would go to the UK Government, this would likely mean more money for the Welsh Government, allowing it to better fund devolved public services and increase support to local authorities.

“Hanging by a thread”

Sarah Rees, Head of Oxfam Cymru, said: “This data lays bare what communities across Cymru are living through: local facilities closing, public services hanging by a thread, and families struggling to make ends meet — while the wealth of a privileged few keeps rising unchecked.

Even millionaires are now saying ‘enough is enough’. They’re calling to be taxed more because they can see the damage that underinvestment is causing to families, communities and the economy alike. People are being pushed to do more with less, while the wealthiest continue to give less than their fair share — and they know that’s not right.

“Taxing extreme wealth isn’t radical — it’s responsible, it’s fair, and it’s long overdue. The Chancellor has a clear opportunity in this Budget to ensure the richest contribute their fair share, now Rachel Reeves should get on and do it.”

Earlier this year, a Wales-specific YouGov poll commissioned by Oxfam Cymru found that:

·       78% would rather the UK Government increase taxes on the very richest to improve public finances than see cuts to public spending;

·       79% support introducing a 2 per cent wealth tax on net assets worth more than £10 million;

·       72% think that the very richest people in the UK should pay more in tax.

Patriotic Millionaires UK are calling for the Government to support two key policy changes to raise £36 billion a year:

1. Raise much-needed revenue now by reforming Capital Gains Tax, so that high returns to capital are taxed on the same basis as income from work. This reform could raise £12 billion a year.
2. Tackle wealth inequality in the long term by committing to a 2% wealth tax on assets over £10m during this Parliament – creating space, over time, to reduce reliance on taxing ordinary people. A 2% wealth tax could raise £24 billion a year.

The Patriotic Millionaires UK bus is visiting towns and cities across the UK during the week-long tour, including:

●      12 November: Edinburgh

●      13 November: Newcastle

●      14 November: Manchester

●      15 November: Liverpool

●      16 November: Birmingham and the Cotswolds

●      17 November: Newport and Stroud

●      18 November: Oxford

●      19 November: London