The UK’s 54 billionaires saw their wealth increase by £40 billion during the pandemic, an increase of 36%.
At the same time, the number of people who needed some form of social security jumped 98% to six million people.
Barely a day passes without fresh evidence of how this pandemic has been soft on the super-rich and hard on those on lower incomes. This is making the inequality crisis in our country even worse.
However, there are dissenting voices among the wealthy who want to see this change. Last weekend the Guardian magazine told the story of a global group of millionaires who are campaigning for higher taxes on the rich. They include Abigail Disney, granddaughter of one of the founders of the Walt Disney Company and the UK’s Gemma McGough.
She told the paper: “The economy is so damaged from Covid, I am happy to pay my share. If you’re making more than £150,000 or £200,000 a year, you should be paying more. If you’re earning £200,000, paying a higher rate of tax on earnings above that is not going to make you poor, is it?”
Wealth in the UK is woefully undertaxed compared to income and Covid has made inequality worse.
As we build back better, it’s clear that profitable companies and those with substantial wealth need to pay their fair share.
Tax Justice UK is working with Gemma and others, to make sure this happens.