01/11/2026
I was having a chat with a mate about the Budget. He’s pleased that business rates for his gym are going down, and rightly so.
We agreed there was some genuinely good stuff in there.
But for me, the biggest thing missing was a wealth tax.
Since becoming a councillor, I’ve been genuinely shocked at how much we’re expected to do with such limited resources.
From maintaining parks and public spaces to supporting vulnerable residents, housing, highways and essential services, local authorities have enormous responsibilities.
Yet we’re constantly being asked to do more with less, fighting over what often feels like scraps.
And it got me thinking about something I don’t believe enough people fully appreciate.
Just how extraordinarily wealthy the ultra-rich actually are.
When politicians talk about those with the “broadest shoulders”, the conversation often turns to higher earners. Someone on £100,000 a year, for example.
Now, that’s unquestionably a very good salary.
But consider this:
💷 Someone earning £100,000 every year would need to work for 10,000 YEARS to accumulate £1 billion in gross pay.
That’s assuming they never paid a penny in tax and never spent anything!
We’re talking about completely different levels of wealth.
Researchers at King’s College London and their collaborators recently proposed a minimum effective annual tax equivalent to 2% of the wealth of households worth more than £100 million, taking account of relevant taxes already paid.
Their research estimates this could raise £10.4 BILLION a year in the UK, affecting fewer than 1,000 households.
Meanwhile, the Local Government Association projects that councils in England face a £7 BILLION funding gap by 2028/29.
Of course, these figures cover different years and areas, and I’m not suggesting that hypothetical tax revenue has been allocated to councils.
But they certainly illustrate the scale of the choices available to us.
“But won’t the wealthy just leave the country?”
It’s a fair question, and one we should take seriously.
Interestingly, an October 2026 study examining wealth-tax reforms in Norway found that some wealthy people did move abroad.
However, the researcher estimated that wealth-tax revenues still increased by 71.5% between 2021 and 2024, after accounting for reform-related emigration.
Norway’s reforms weren’t identical to the proposed UK tax, but the findings suggest that people leaving doesn’t automatically make wealth taxation unworkable.
The King’s College proposal also includes a safeguard that would keep affected households liable for up to ten years after leaving the UK. That’s a proposal, not existing law.
I’m not suggesting any of this would be straightforward. There are legitimate questions about implementation, fairness and unintended consequences.
But surely it’s a conversation worth having?
This isn’t about punishing people for earning a good living or being successful. It’s about whether those with extraordinary levels of wealth should contribute more to the society in which that wealth is created.
And while councils struggle to deliver the services our communities rely on, I think it’s a question we can no longer afford to ignore.
⸻
🗳️ POLL — I’D LIKE YOUR VIEWS
Should the UK introduce a 2% minimum effective wealth tax on households worth more than £100 million?
✅ YES — I support it.
❌ NO — I oppose it.
🤔 UNDECIDED — I’d like to know more.
Comment YES, NO or UNDECIDED below.
And if you’ve got a minute, tell me why.
I’m genuinely interested in hearing different perspectives, particularly from those who disagree. Good policy should stand up to scrutiny, and I’d much rather have a constructive discussion than an argument.
Matt Blair
Green Councillor | West Park | South Tyneside
Research and sources:
📚 King’s College London — Two percent minimum tax on richest households, July 2026
https://www.kcl.ac.uk/news/2-minimum-tax-on-richest-households-could-raise-10-billion-a-year
📚 Local Government Association — Autumn Budget 2026 briefing
https://www.local.gov.uk/autumn-budget-2026
📚 Marius A. K. Ring — Taxing Entrepreneurial Wealth: Evidence from Norway, NBER, October 2026
https://www.nber.org/papers/w35854