How many are there, what rate of tax do they need to pay to make a difference.
According to the Sunday Times Rich List, there are about 275 families who have a net worth of more than £500M. There are about 155 families with a net worth of more than £1Bn.
Assuming those 275 families have an average net worth of £1Bn (they don't- it's much higher) a 1% wealth tax would net about £3Bn a year.
The Rich List 2026 is our definitive guide to the wealth of the UK’s richest people. Read profiles and interviews, and see all the facts and figures
www.thetimes.com
For context, the cost of asylum seeker financial support is about £4Bn a year.
The Home Office’s annual report and accounts for 2024/25 show that spending on asylum support, resettlement and accommodation totalled £4 billion, down from £4.7 billion the previous financial year.
A post circulating on Facebook features several inaccurate figures about the cost of “asylum seeker benefits”, benefit fraud and error and tax avoidance.
fullfact.org
So a 1% wealth tax would pretty much generate the same amount of money that people demand is saved from targeting the small boats.
How do you stop them leaving the country to go somewhere else where they pay less tax?
There are numerous ways of doing it.
We could charge an exit tax, like the Swiss do.
We could do what the Americans do, and make anyone with UK citizenship declare their worldwide income to HMRC, irrespective of where they live.
We could cut the number of days you're allowed to be in the UK without becoming liable to pay UK tax.
We could change the rules so that you're deemed to be resident for UK tax purposes if you own property in the UK (either directly or indirectly).
A land tax could be applied. Anders Povlsen might be able to move to Dubai, but he can't take his 90,000 hectares of Scottish forests with him.
Of course some people will up sticks to Dubai and never come back, but the more friction you add the fewer people will do it. Dubai is lovely in the winter but these people would like to visit the UK sometimes. Make it harder.
What is clear from the broader discussion is the importance of actually having a vision. Whether we each agree with a vision or not, the whole point is parties put forward different visions.
Definitely.
You might agree or disagree with a vision, but at least you know there is one. What does this current iteration of Labour actually stand for? What do they actually believe?
This is my issue with the way that Labour are trying to ape Reform and the Tories. Why? Reform are always going to out-Reform the other parties, whatever the other parties suggest Reform will go one step further. We've seen that this week: Labour say they'll make it harder to get citizenship for people with leave to remain, so Reform respond by saying they'll simply deport them, even if they've done everything by the book. I fundamentally disagree with Reform and everything it stands for, but at least I know what it stands for.
People who want Reform policies will vote Reform, they won't go for the sugar-free version being offered by the Conservatives or Labour.