A recent poll indicates that approximately two-thirds of British voters support the introduction of a wealth tax targeting assets valued at more than £10 million. According to the survey, conducted in association with BMG Research, 66 percent of adults favor such a tax, while only 10 percent oppose it. Support for the proposal spans across the political spectrum, including significant backing from voters who identified with Labour, Liberal Democrats, the Green Party, Conservatives, and the Reform Party.

Prime Minister Andy Burnham, who assumed office earlier this year, has neither confirmed nor dismissed the idea of a wealth tax, emphasizing instead the need for "a greater sense of fairness" in the tax system. In a pre-office interview with broadcaster and former footballer Gary Lineker, Burnham referred to the issue cautiously, stating he was "not going to rule things out right now" but also expressing concern about avoiding new societal divisions. Lineker himself was among 120 “Patriotic Millionaires” who recently signed a letter endorsing a 2 percent levy on wealth exceeding £10 million.

Economists and academics from institutions including the Paris School of Economics and King’s College London estimate that implementing such a tax could generate approximately £10 billion annually for the Treasury. The measure would impact roughly 1,000 of the wealthiest households in the UK.

In addition to wealth taxes, equalizing capital gains tax (CGT) with income tax rates remains a contentious proposal. Prominent Labour figures such as Defence Secretary Wes Streeting and First Secretary of State Louise Haigh have advocated for aligning CGT rates—currently ranging from 18 to 24 percent—with income tax bands of 20, 40, and 45 percent. Streeting described this approach as a “wealth tax that works,” and Burnham has expressed interest in exploring the policy further as part of potential tax reforms.

Public opinion on aligning CGT with income tax is more divided along party lines. The poll shows 63 percent of Labour voters and 65 percent of Liberal Democrat supporters favor the change, compared to 38 percent of Conservatives and 47 percent of Reform voters. Overall, 43 percent support the adjustment, with 18 percent opposed. Critics argue that raising CGT could discourage investment and entrepreneurship by reducing the financial incentives for risk-taking.

Meanwhile, there is broad consensus on increasing the personal income tax threshold, which has been frozen at £12,570 since 2021. Nearly 73 percent of respondents support raising this threshold, with just 5 percent opposing it. The Treasury noted that voluntary donations to the government already provide a channel for additional public funding.

Former Labour leader Lord Neil Kinnock has urged the government to pursue greater tax equity between earnings and wealth, specifically recommending that capital gains tax rates be aligned with income tax bands. Kinnock highlighted growing disparities, pointing out that asset incomes and bonuses have risen substantially in recent years while earned incomes have remained relatively flat. He described such reforms as both equitable and efficient and suggested they could yield an additional £12 billion in government revenue.

With the next Budget scheduled for 28 October, officials including Prime Minister Burnham and Chancellor John Healey are reportedly considering these proposals as part of their broader fiscal strategy.