Former footballer and TV presenter Gary Lineker is among a growing number of millionaires who believe the UK's wealthy individuals should pay more tax. Speaking on the podcast 'This Is Why', Lineker stated that those with wealth above £1m should contribute a higher proportion of their earnings to the nation's coffers. This comes as the UK government faces increasing pressure to address the country's economic challenges, including rising inflation and a widening budget deficit.
The UK's current tax system sees those earning above £125,000 face a higher income tax rate of 45p in the pound. However, some argue that this rate should be increased further to ensure those with wealth above £1m contribute a fairer share. According to recent data, the number of individuals in the UK with wealth above £1m has increased significantly over the past decade, with more than 350,000 people now falling into this category.
The proposal to increase tax rates for millionaires has gained traction among some economists, who argue that it would be a more equitable way to address the country's economic challenges. However, others have raised concerns that such a move could lead to a brain drain, as high-earning individuals may choose to relocate to countries with more favourable tax regimes.
Lineker's comments follow a recent survey by the wealth management firm, Schroders, which found that two-thirds of high-net-worth individuals in the UK believe the country's tax system is unfair. The survey also found that 70% of respondents believed the UK's wealthy should pay more tax, with the majority citing the need to support public services and address economic inequality.