40 MPs sign open letter to Chancellor calling for Wealth Taxes in Budget

London, 20 November 2025 - Ahead of next week’s budget, a cross-party group of 40 MPs have written an open letter to the Chancellor calling on her to consider introducing wealth taxes.  The letter has been organised by campaign groups, Taxpayers Against Poverty and Green New Deal Rising. Its signatories include 21 Labour backbenchers, 4 Greens, SNP, Independents, Lib Dem and SDLP MPs.  

In the letter, which is published today, the MPs are urging the Chancellor to make this year’s budget a “turning point” for the country by focusing on taxing wealth more and work less.  

They say Britain’s tax system continues to overburden those who work hardest while protecting those whose wealth grows passively, writing: “This imbalance is not only unfair – it is economically damaging.” 

Wealth taxes are paid on the value of someone’s total assets, such as property, stocks or investments above a certain threshold, rather than on a person’s income from employment.   

Steve Witherden is Labour’s MP for Montgomeryshire and Glyndŵr and one of the letter’s signatories. He says with the economy currently flatlining, the government should be using this budget for a re-think on economic policy. 

“We need to shift the burden away from ordinary taxpayers and those already struggling with the cost of living. For example, a 2% tax on assets above £10m and bringing capital gains tax in line with income tax rates would be welcome moves. 

“Reform came second in nearly 100 seats at the last general election, including mine.

New research suggests people considering voting Reform also back the idea of a wealth tax. Introducing one would be a canny political move by the Chancellor, as well as a popular one.” 

Consistent polling shows a clear majority of the British public support the idea of specific wealth taxes. Those who would most likely be paying such a tax, millionaires, also support the idea.  

Tom Burgess, CEO of Taxpayers Against Poverty who initiated the letter said: “Even though Rachel Reeves now seems unlikely to increase the basic rate of income tax for the first time in half a century, that doesn’t mean us general taxpayers won’t still be hit hard in this budget, including the possibility of “stealth taxes” through changes to thresholds. 

 “One of the clearest ways to reduce poverty and inequality in the UK is through modernising our tax system, so that wealth is taxed more, and income is taxed less.  

“Privately many more Labour MPs have been telling us they support the principle of wealth taxes, but don’t feel able to add their name publicly, due to party diktats.  

Hannah Martin, Co-Director of Green New Deal Rising, a youth climate justice movement which co-organised the letter. She said:  "This Budget is a final chance for this deeply unpopular government to show us they are on our side. Communities are desperate for investment - in good, green jobs, public services and local highstreets - after more than a decade of underinvestment and austerity.  

“Right now, 50 families own more wealth than half the country. So few have never had so much. Yet our tax system massively under-taxes this wealth. It's time to make the super-rich pay their fair share through wealth taxes, to fund investment in a fair, secure, thriving future for everyone.” 

The letter follows a similar initiative last year, but with more MPs now openly calling for wealth taxes. Over the last year, the government has fallen further behind in the polls, with Reform UK consistently leading, the Greens, who back wealth taxes gaining support, and there are persistent rumours of a potential leadership challenge to Keir Starmer.  

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For media enquiries or to arrange an interview with a spokesperson, including with one of the MP signatories, please contact:  

Tom Burgess, CEO, Taxpayers Against Poverty  07887 724285  taxpayersagainstpoverty@gmail.com 

Simon Thomson, Dir of Campaigns, TAP: 07941 679353 simon@taxpayersagainstpoverty.org  

Zak Coleman, Press lead, Green New Deal Rising, 07895 803955, press@gndrising.org or zakcoleman@gndrising.org 

About Taxpayers Against Poverty Taxpayers Against Poverty is a UK-based independent advocacy group dedicated to tackling poverty, inequality, and social injustice by promoting economic policies that have a direct effect on reducing poverty and the unnecessary financial hardship. TAP’s sister organisation and partner is Compassion in Politics which seeks to bring more truth respect and compassion into political life. 

About Green New Deal Rising:  www.gndrising.org  We are a youth climate justice movement on a mission to take power out of the hands of the billionaires and the oil executives and put it in the hands of our generation – it’s time to force this government to work for us. 

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Letter in full 

Dear Chancellor,  

Last year, a cross-party group of MPs urged the Chancellor to make the tax system fairer by asking those with the greatest wealth to contribute more. A year on, the case for doing so has only strengthened. 

Britain’s tax system continues to overburden those who work hardest while protecting those whose wealth grows passively. Ordinary families face rising costs of living, crumbling public services, and deepening insecurity, while extreme wealth at the top continues to expand. This imbalance is not only unfair – it is economically damaging. 

We are calling on you to make this year’s Autumn Budget a turning point by focusing on taxing wealth more and work less. A fairer approach to wealth taxation would: 

·       Reduce poverty and inequality by ensuring those with the broadest shoulders contribute their fair share. 

·       Ease the pressure on working families, allowing more people to thrive rather than merely survive. 

·       Provide sustainable funding for public services like education, health, housing, and social care – the foundations of a fair and productive society. 

 This is not about punishing success or creating division. It is about fairness, balance, and responsibility. Britain cannot thrive when wealth accumulates at the top while millions struggle to make ends meet. 

We urge you to act with courage and clarity: reform the tax system so that it rewards effort, not advantage, and builds a future that works for everyone. 

 Yours sincerely,  

Diane Abbott — Hackney North & Stoke Newington — Labour 

Shockat Adam — Leicester South — Independent 

Olivia Blake — Sheffield Hallam — Labour 

Apsana Begum — Poplar and Limehouse — Labour 

Richard Burgon — Leeds East — Labour 

Dawn Butler — Brent East — Labour  

Ian Byrne — Liverpool West Derby — Labour 

Dr Ellie Chowns — North Herefordshire — Green Party 

Carla Denyer — Bristol Central — Green Party 

Bobby Dean — Carshalton & Wallington — Lib Dem 

Jeremy Corbyn — Islington North — Independent 

Alex Easton — North Down — Independent 

Colum Eastwood — Foyle — SDLP 

Sorcha Eastwood — Lagan Valley — Alliance Party 

Neil Duncan-Jordan — Poole — Labour 

Claire Hanna — Belfast South and Mid Down — SDLP 

Adnan Hussain — Blackburn — Independent 

Imran Hussain — Bradford East — Labour 

Kim Johnson — Liverpool Riverside — Labour 

Ayoub Khan — Birmingham Perry Barr — Independent 

Ben Lake — Ceredigion Preseli — Plaid Cymru 

Ian Lavery — Blyth and Ashington — Labour 

Graham Leadbitter — Moray West, Nairn & Strathspey — SNP 

Brian Leishman — Alloa and Grangemouth — Independent 

Emma Lewell — South Shields — Labour 

Clive Lewis — Norwich South — Labour 

Rebecca Long Bailey — Salford — Labour 

Rachael Maskell — York Central — Labour 

Andy McDonald — Middlesbrough and Thornaby East — Labour 

John McDonnell — Hayes and Harlington — Labour 

Iqbal Mohamed — Dewsbury and Batley — Independent 

Kate Osborne — Jarrow and Gateshead East — Labour 

Adrian Ramsay — Waveney Valley — Green Party 

Bell Ribeiro-Addy — Clapham & Brixton Hill — Labour 

Seamus Logan — Aberdeenshire North and Moray East — SNP 

Jon Trickett — Normanton and Hemsworth — Labour 

Nadia Whittome — Nottingham East — Labour 

Steve Witherden — Montgomeryshire and Glyndŵr — Labour 

Siân Berry — Brighton Pavilion — Green Party 

Zarah Sultana — Coventry South — Independent