Chris Blackhurst has urged John Healey, the new Chancellor of the Exchequer, to consider introducing a £500,000 annual wealth levy aimed at attracting wealthy foreign investors to the United Kingdom. In an open letter, Blackhurst outlined the proposal as a way to stimulate economic growth while boosting public revenues.

The proposed levy, dubbed a “Robin Hood tax,” would function as a form of residency visa or “golden ticket” for affluent individuals willing to pay the set fee annually in exchange for the right to live in the UK and retain their foreign assets free from additional UK taxation. Blackhurst argues that this approach would be competitive with deals offered by other global financial centers vying for mobile wealth.

Highlighting the shifting dynamics of the modern economy, Blackhurst noted that wealthy individuals can now choose their residence more freely, and countries that actively court their investment stand to benefit through job creation, increased consumer spending, and capital inflows. He stressed that the UK can no longer rely on its historical appeal alone and needs to adopt proactive measures to remain attractive.

A key feature of the proposal is a renewable 20-year contract, which Blackhurst believes would provide stability and certainty for investors while generating reliable tax income to support public services. He framed the levy as a signal that the UK is “pro-wealth creation,” encouraging wealth to come to the country legally and through transparent contributions, rather than deterring potential investment by raising domestic taxation on the wealthy.

Blackhurst warned of the risk to the UK economy if no such initiative is taken, cautioning that other countries eager to host wealthy foreigners will capture their spending and job-creating potential instead. He rejected the idea that the tax could be viewed negatively, instead suggesting it could set a precedent for positive engagement with global wealth, benefiting both investors and the broader economy.

The letter comes amid ongoing debates within the ruling Labour Party about how to balance wealth taxation and investment promotion, reflecting the tension between fostering economic growth and addressing inequality. Blackhurst’s appeal to Healey emphasizes pragmatism and economic realism as crucial to managing the nation’s finances and prosperity in a competitive international landscape.