Meet the millionaires who want to pay MORE tax: Wealthy group who made their fortunes in everything from turnips to turbines call for the rich to contribute more to public services… and they want Rishi Sunak to join them
- The group are campaigning to pay more tax and want Rishi Sunak to join them
- Group of 40 millionaires includes vegetable box supplier and energy firm boss
A group of millionaires who made their fortunes in everything from turnips to turbines is campaigning for Britain’s wealthiest to pay more tax – and they want Rishi Sunak to join them.
Guy Singh-Watson, founder of vegetable box supplier Riverford Organic Vegetables, and Dale Vince, the Labour-backing boss of energy firm Ecotricity, are among the nearly 40 backers of Patriotic Millionaires UK (PMUK).
Founded in 2021, the organisation is an offshoot of America’s Patriotic Millionaires, whose members include the Disney heiress Abigail Disney.
The UK group’s members also include Ian Gregg, former chairman of the Greggs bakery chain that was founded by his father, and James Perry, co-founder of ready meal firm Cook.
They argue that millionaires like themselves should contribute more to public services.
It comes at a time when the Government is squeezing middle earners for revenues via stealth taxes.
(L to R) Geetie Singh-Watson, Guy Singh-Watson, Lily Lewis and Nick Marple are campaigning for Britain’s wealthiest to pay more tax
The group want Prime Minister Rishi Sunak to join them and contribute more to taxed earnings
Rich pickings: How ‘Patriotic’ activists made their money
Guy Singh-Watson, 63
After working as a management consultant in New York, he co-founded Riverford Organic Farmers on his parents’ Devon farm in 1986. It now delivers to 50,000 customers each week. Added Singh to his name after marrying second wife, organic restaurateur Geetie Singh, in 2014.
Lily Lewis, 28
Part of the family who founded fashion brand River Island. Also founded Pocressi Initiative, which helps those addressing addiction and criminal justice.
Nick Marple, 54
Founder at Gower Street, a family-run charitable trust. The fund focuses on Ghana, prioritising education for girls. Marple looks to invest in start-ups that can reduce global carbon footprint and have a positive social impact.
Dale Vine, 61
Set up green energy company Ecotricity in 1996. Owns Forest Green Rovers, the vegan football club. Assets estimated at £100million. Supports Just Stop Oil and gave £1.5million to the Labour Party.
James Perry, 50
Co-founder of frozen ready meals company Cook. Alo set up UK arm of B Corp, which certifies ethical companies.
Frozen income tax thresholds mean one in five taxpayers will soon be in the 40 per cent threshold that was previously intended to target the wealthy but will now pull in the likes of teachers and nurses.
Figures last week showed 6.5million people would be in the top two highest income tax bands in the current 2023-24 fiscal year.
PMUK recently sought to enlist the backing of the Prime Minister in a letter which pointedly made reference to the wealth and tax status of Mr Sunak and his wife Akshata Murty, who is the daughter of an India billionaire.
‘Like you, we are millionaires who want the best for Britain,’ the letter said. ‘Your tax return showed that you pay an effective rate of 22 per cent – less than a nurse and less than what a quarter of British taxpayers are contributing.
‘This is not just a problem for you but one that exists for many millionaires – we pay less in taxes than we should.’
The letter argued in favour of a 1-2 per cent wealth tax on assets over £10million, hiking capital gains tax to the same level of income tax and ending inheritance tax loopholes.
Such policies could raise up to £50billion a year, the group argued. The arguments might not find favour with mainstream economists who think such measures would simply result in assets being spirited offshore to more favourable tax jurisdictions – and growth being stifled.
And entrepreneurs who have bet everything to build up their businesses may not take kindly to lectures from the likes of Mr Singh-Watson – whose company charges up to £27.55 for fruit and veg boxes – or Mr Vince, who supports climate extremists Just Stop Oil.
But a spokesman for PMUK suggested the changes could help middle earners.
‘It feels like there would be more room to give people a break,’ she said.
‘Ordinary people are asked to pay higher taxes while the wealthiest aren’t asked to pay any more at all.’
The spokesman said there had been no response from Mr Sunak. ‘We be seriously pleased if he listened to the kinds of policies that we feel are required to improve our tax system,’ she added.
Source: Read Full Article
