Minister refuses to rule out 'wealth tax' at Budget - as Gary Lineker leads 'virtue-signalling' millionaires demanding raid on assets despite warnings from economists
By JAMES TAPSFIELD, UK POLITICAL EDITOR
Published: 04:24 EDT, 23 July 2026 \| Updated: 04:29 EDT, 23 July 2026
A Treasury minister today refused to rule out a 'wealth tax' after calls from millionaires including Gary Lineker.
Chief Secretary Emma Reynolds merely said announcements would be made at the Autumn Budget as she was pressed on Left-wing demands for a raid on assets.
However, she also pointed out that the former footballer and other rich people could simply donate money to public coffers if they want to.
New PM Andy Burnham has hinted at 'wealth taxes' in the past, and last week gave Lineker an interview in which he warned the Government might need to 'to ask for a little more'.
The England striker turned TV commentator has joined 120 wealthy individuals signing a letter saying they should pay more tax.
One of the options most commonly floated - including by ex-Labour leader Lord Kinnock, recently cited as an inspiration by Mr Burnham - is a 2 per cent annual charge on assets over £10million.
However, economists have warned that could raise far less than the tens of billions claimed by supporters and would drive money out of the UK - with the rich often having cash tied up in businesses or other investments.
Chief Secretary Emma Reynolds merely said announcements would be made at the Autumn Budget as she was pressed on Left-wing demands for a raid on assets
Gary Lineker has joined 120 wealthy individuals signing a letter saying they should pay more tax
Asked on Sky News whether the Government would consider a 'wealth tax', Ms Reynolds said: 'Well, look, it's day four of this new government, and obviously any major tax changes would be announced at a Budget.
'I welcome the fact that people of good means are saying that they want to pay more. They can pay more.
'There is a link on gov.uk, but look, we have to look at tax policy in the round, and we only make major tax announcements at budgets.'
Pressed if increasing capital gains tax was another possibility, Ms Reynolds said: 'I'm not going to come on the programme today and make tax announcements.'
Lineker has added his name to a letter to the new PM organised by a group called Patriotic Millionaires UK, which states: 'We are proud to pay and here to stay.'
The 65-year-old, estimated to be worth £30million after setting up one of Britain's most successful podcast companies, said: 'Paying your fair share is a basic British value, but so many ordinary people are already paying more than they can afford. Our richest people can do more and most want to.
'To live up to our national values our new government must raise taxes on extreme levels of wealth for a fairer, better, more hopeful Britain.'
Other signatories to the letter include musician Brian Eno, crime writer Val McDermid and left-wing economist Gary Stevenson.
They told Mr Burnham that they do not want higher taxes on those who go to work every day, but instead 'on the very richest whose income is derived from the wealth they hold'.
New PM Andy Burnham has hinted at 'wealth taxes' in the past, and last week gave Lineker an interview in which he warned the Government might need to 'to ask for a little more'
The letter says that 'extreme wealth sitting idle in the hands of a few' should be used to reduce inequality and improve public services and concludes: 'It's time to tax us, the super rich.'
However, Tory MP Louie French said: 'Virtue signallers assemble to bemoan they're not paying enough tax, which they could pay more voluntarily but don't.
'Whilst in the real world wealth continues to flee Britain's socialist Government.'