Last month the Sunday Times Rich List revealed that in 2023 the wealth of UK billionaires hit a record high. In stark contrast, our own analysis found that universal credit is hundreds of pounds lower than what people need to afford the cost of living. It’s clear we’re living in a country of extreme inequality – but what if we shared the wealth more equally? A 2% wealth tax on the richest individuals could boost our economy, help fund vital public services like schools and hospitals, and ensure we all have a chance at a happy, healthy life.

Miatta Fahnbulleh, Chief Executive, NEF