A prominent millionaire has strongly urged Liberal Democrat members to support a new wealth tax. Consequently, he is challenging the party to adopt more ambitious economic policies. This call for a wealth tax urged for Lib Dems occurred at their autumn conference in Bournemouth.
Mark Robinson, a successful entrepreneur, addressed activists directly. He humorously called himself the “most left-wing man in commercial real estate”. Furthermore, he leads the group Patriotic Millionaires UK. His group is actively touring political conferences this autumn. Their goal is to build support for significantly higher taxes on the very wealthy.
Robinson did welcome a recent Lib Dem policy. The party proposed a new windfall tax on large banks. However, he argued the estimated £7 billion annual revenue is a “drop in the ocean”. He believes the country needs a more substantial fiscal solution. Therefore, a properly implemented wealth tax urged for Lib Dems is the necessary next step.
His organization specifically proposes a two percent annual tax on assets over £10 million. Additionally, they want capital gains tax rates increased. These rates should align with income tax levels. Robinson likened his campaign to “turkeys that will vote for Christmas”. He and his members are advocating for policies that would cost them personally.
The Lib Dems are currently refining their economic stance. A party working group is gathering expert evidence. Ultimately, they will shape the platform for the next general election. The party’s 2024 manifesto included tax increases on capital gains and banks. Now, they are considering further reforms to inheritance tax.
Lib Dem MP Bobby Dean also spoke at the event. He cautioned that major tax announcements should come as a package. This approach makes more sense to voters during an election campaign. However, he confirmed the party is actively building on its existing policies. He described the current tax system as “messy” and inefficient.
Another MP, Andrew George, highlighted a political challenge. He noted the Lib Dem core vote has “certainly moved up the class ranking”. This shift makes advocating for wealth taxes more complex. He even suggested avoiding the term “wealth tax” itself. He called it a potentially “taboo” term that could scare voters. Nevertheless, he insisted “this nut does need to be cracked” to address widening inequality.
The debate happens amid broader pressure on Chancellor Rachel Reeves. Unions and the left wing of the Labour Party are also pushing for wealth taxes. The upcoming November Budget is a key moment. Many expect the government to seek new revenue streams. The argument for a wealth tax urged for Lib Dems is part of this national conversation. The party’s final decision will signal its economic direction.
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