UK FACT CHECK POLITICS
UK FACT CHECK POLITICS
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STATS From: Budget 2026 live: Latest updates, analysis and fact checks

Unions and campaigners urge Healey to introduce a wealth tax in the Budget

Unions and campaign groups, including 38 Degrees and the Patriotic Millionaires, are urging the Chancellor, John Healey, to introduce a wealth tax in the Budget on 28 October.

They cite analysis by the IPPR, reported by the Mirror and AOL. It says a wealth tax could fund an extra 130,000 care workers and five million emergency payments to vulnerable households. According to the analysis, it could also help 900,000 people into work with intensive employment support and expand free bus travel for all young people.

Campaigners including the Patriotic Millionaires say a 2% levy on assets over £10m could raise £24bn a year. That is the campaigners' own figure and has not been independently checked.

"The amount of extra things this money could do for normal people up and down the country is staggering."

Veronica Hawking, Campaigns Director at 38 Degrees, said this to AOL.

Brit Brief reports that more than 100 UK-based millionaires, including Gary Lineker, signed a letter earlier this year urging the Prime Minister, Andy Burnham, to tax their wealth.

Coverage suggests Healey is unlikely to bring in a wealth tax. Brit Brief and AOL both report that a capital gains tax rise appears to have been ruled out and that Healey is said to be looking at a levy on banks' profits instead. Neither report has been confirmed by the Treasury.

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