Britain’s public services are in crisis. Schools, hospitals, transport, policing, the armed forces, social care and welfare have all been stripped back after years of cuts. It’s not that they waste money – most barely have enough to keep going. The truth is simple: our services have been cut to the bone.
Meanwhile, the UK’s economic model is working for the few, not the many. It systematically underfunds vital services while allowing multinational corporations and the super-rich to accumulate vast profits. Wealth is concentrating in fewer hands, inequality is widening, and the institutions that hold society together are left under strain. That imbalance threatens our resilience in tough times and leaves communities poorer and less empowered.
If we are serious about building a fairer, more stable economy, we must radically rethink taxation. We need more money circulating to support the services we all rely on – and less sitting unused in offshore accounts and the portfolios of the ultra-wealthy.
A Wealth Tax
The case for a wealth tax is overwhelming. A modest 2% annual levy on individual wealth above £10 million would affect fewer than 20,000 people in the UK – less than 0.04% of the population. Yet it could raise around £24 billion a year, even after accounting for some avoidance or relocation. Research shows that many of those who would be liable actually support such a measure, if the revenue is invested in schools, hospitals and public services.
A Fair Share from Banks
In 2009, the Bank of England introduced quantitative easing to stabilise the economy after the global financial crash. It was meant to be temporary. Fifteen years later it continues, costing around £22 billion a year – much of it flowing into the profits of commercial banks. A levy on those banks, as suggested by the Institute for Public Policy Research, could generate at least £8 billion annually while still leaving them highly profitable.
Property Tax Reform
Council tax is outdated and regressive. Organisations such as Fairer Share propose replacing it with a proportional property tax of 0.48% of a home’s value. This reform would save ordinary households around £6.5 billion collectively, shifting more of the burden onto owners of the most expensive properties – largely concentrated in London and the South East.
A Choice About Priorities
We cannot keep pretending that efficient public services can be delivered on starvation budgets. At a time when families are struggling with the cost of living, the tax system should be rebalanced so that those with the broadest shoulders carry the heaviest load.
The choice is clear: either continue underfunding the institutions that educate our children, heal our sick, and protect our communities – or raise the revenue we need by taxing wealth fairly.
If Britain wants world-class schools, safe hospitals, reliable transport and thriving communities, we must stop asking the impossible of underfunded services. Instead, we must start asking more of those who can most afford it.
