Matthew McGregor, recently appointed as chief political strategist to Andy Burnham, has advocated for the introduction of an annual 2 percent wealth tax targeting the country's wealthiest individuals. The proposed levy, aimed at those holding assets exceeding £10 million, is projected to generate approximately £24 billion in additional public revenue.

McGregor, formerly the head of the activist group 38 Degrees, voiced his support in the foreword to a policy paper titled *Winning the Argument*. The document, released ahead of Labour leader Keir Starmer’s first budget scheduled for October 2024, outlines strategies for communicating and implementing a wealth tax designed to finance expanded public benefits.

In his introduction, McGregor described the tax as a “highly popular” method to secure funds that could be reinvested in public services such as the National Health Service (NHS), while also providing increased support to families facing economic challenges. He framed the forthcoming budget as a critical moment for the Starmer administration to demonstrate its commitment to reducing inequality, portraying it as an opportunity for a “government of service” to prioritize public welfare over the interests of the ultra-wealthy.

The policy paper, informed by left-leaning advocacy groups, also suggests rebranding the levy with terms like “ultra-rich tax” or “10 million tax” instead of the more conventional “wealth tax.” Proponents argue such language could help reduce public resistance and improve political acceptability.

This development signals an increasing focus within Labour on addressing wealth inequality through targeted taxation measures. As the political debate intensifies in the run-up to the next budget, the government will face decisions on whether to adopt these proposals amid broader discussions about funding for public services and economic fairness.