How millionaires want to help fight poverty in the UK | DW Reporter

Many Brits are struggling to get by, while the wealthy get richer and richer. A group of millionaires want to change this – by paying more taxes.

The United Kingdom is one of the richest countries of the word. But for millions of Brits, life feels more expensive by the day. Around a fifth of people in the country live in poverty, while the cost of living continues to increase. Many families are cutting back on food, heating or electricity usage. At the same time, the country as a whole has grown wealthier. The total number of millionaires in Britain has grown drastically since the mid-1990s. In London, especially in neighborhoods like Mayfair, this wealth is on full display. But only a few kilometers away, there are people who live in social housing that struggle with broken pipes, water damage, and ever-climbing rents. An unusual solution to the inequality problem has come from the wealthy themselves: the Patriotic Millionaires are calling for a wealth tax on the super-rich. The idea is to tax all wealth over 10 Million pounds at a rate of 2 percent. According to the group, this could save the country around 24 billion pounds annually, around 28 billion euros. More money that could be spent on public services, social housing, and infrastructure.

Chapters:

04: A millionaire calls for new taxes

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