Matters for the Chancellor of the Exchequer to consider prior to the Autumn Budget 2025
Tabled 28 October 2025 by Andrew George
That this House notes the extent of widening inequality in the UK and that the top 50 richest families now hold more wealth than the poorest half of the population and there has been nearly 1000% increase in the wealth of UK billionaires since 1990; further notes that a dynamic study conducted by Patriotic Millionaires UK on the Sunday Times Rich List reported that £160 billion could have been raised for the UK's public finances over the past three decades if those with assets over £10 million were annually taxed at 2%, whilst their wealth would still have increased at between 1.7% and 2.7%; believes that moderate taxes would not provoke capital flight as lobbyists assert and is repeated by some media and commentators; considers that just 0.01% of the richest households relocated after wealth tax reforms were introduced in Norway, Sweden and Denmark; highlights that the considerable evidence that low taxes on wealth can be counterproductive for growth and productivity and that research by tax policy experts at CenTax and the IFS shows that equalising capital gains and income tax rates alongside introducing an investment allowance supports productivity and growth, as does taxing share buybacks; also notes UK's tax-to- GDP ratio is around 35% according to OECD data (2024), lower than comparable G7 economies France (44%), Italy (43%), Nordic countries (41-43%); and calls on the Chancellor to reflect on these factors as she considers her options for the forthcoming Budget.