Summary
Some wealthy individuals in the UK are asking the government to increase taxes on the very rich, including themselves. This call comes as part of a campaign for a special tax on wealth over £10 million. Meanwhile, uncertainty over tax changes has caused businesses, especially in the housing industry, to delay decisions until the government's budget plan is clearer.
Key Facts
- Millionaires in the UK are calling for higher taxes on wealth over £10 million.
- Dale Vince, a renewable energy company founder, supports paying more taxes and is part of a campaign with over 85 millionaires.
- Stephen Kinsella, a lawyer, also joined the campaign, advocating for a fairer society through increased taxes on the wealthy.
- UK Chancellor Rachel Reeves has stated there is no need for a new wealth tax, pointing to existing taxes on the wealthy.
- Businesses, particularly in the housing sector, are delaying actions due to uncertainty over potential tax changes in the upcoming budget.
- The housing market is experiencing a slowdown, with buyers hesitating on purchases until more is known about the budget.
- The company Clarkson Evans, which trains apprentices for home electrical work, reports its business is affected by the housing market stall.
- The managing director of Business West notes a widespread pause in business activities as companies await the budget's outcome.
