UK Millionaires - Tax us Please??? Gary on Times Radio with Mariella Frostrup
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‘We don’t tax the rich because people like the chancellor are billionaires’ Meet Gary Stevenson, he’s one of 30 millionaires across the country calling on Rishi Sunak to tax rich people. Gary Stevenson on Times Radio with Mariella Frostrup Broadcast on 25/10/2021 @ 15/20 & uploaded with permission from Times Radio TIMES RADIO WEBSITE: thetimes.co.uk SOCIAL MEDIA: WEBSITE - wealtheconomics.org TWITTER - @garyseconomics FACEBOOK - garyseconomics INSTAGRAM - garyseconomics STOCK FROM: Jonny Gios & Lachlan Cormie on Unsplash Spoken by Mariella Frostrup TIMES RADIO Spoken by Gary Stevenson GARY'S ECONOMICS Uploaded by Simran Mohan MOHAN MEDIA
Gary Stevenson, a former city trader and member of Patriotic Millionaires UK, explains his motivation for supporting a wealth tax in the UK, arguing that extreme inequality has widened rapidly since the COVID crisis. He notes a 22% rise in billionaire wealth in the country and highlights that the three richest families have seen their wealth grow by tens of billions, while ordinary people face higher costs of living and a rising tax burden via national insurance. The conversation on Times Radio with Mariella Frostrup centers on how wealth taxes could be structured to avoid evasion, with Stevenson advocating that the tax should hit the very richest and be difficult to dodge. He draws on examples from the US wealth tax setup and wealth tax commissions from the London School of Economics, stressing that unity among millionaires could help shift public policy. The interview transitions to a discussion of how wealth taxes could affect the economy, arguing that giving money to ordinary people stimulates demand, whereas wealth is often recycled into assets that push up prices and weaken recovery. Stevenson emphasizes that voluntary higher taxes from the wealthy could fund essential services like social care without crushing economic growth, and he argues that the political and cultural barriers to wealth taxation are largely due to the entrenched position of billionaires and their influence. The conversation closes with reflections on personal background, the need for fairness, and the possibility of Stevenson entering politics to drive systemic change, while Frostrup notes the broader implications for affordability, wages, and policy credibility in addressing inequality.
Topics · economy · politics · inequality · media_interview
Questions answered
- What is the core proposal Gary Stevenson supports regarding taxation on wealth in the UK?
- Gary Stevenson advocates a wealth tax targeting the very richest, arguing it should be difficult to evade and would use revenue to fund essential services without harming economic growth.
- What economic rationale does Stevenson give for a wealth tax being beneficial?
- He argues that transfers of £1,000 to ordinary people circulate in the economy and boost demand, whereas wealth held by the rich is often reinvested in assets that raise prices and can slow down recovery.
- What evidence does Stevenson cite to support the need for wealth taxation?
- He cites a 22% increase in billionaire wealth in the UK and a rise of over £20 billion in the wealth of the three richest families, suggesting growing inequality during the crisis.