Survey figures passed to John Healey indicated that more than three in every five voters favoured raising taxes on the wealthiest, alongside windfall charges targeting banks and energy firms. A survey conducted before the 28 October budget found that three in five respondents — 63% — backed higher taxes on those holding assets above £10 million as a way of financing Andy Burnham's spending priorities.
Windfall taxes on bank profits drew the backing of 61% of those polled, with support for a similar levy on energy companies running slightly higher at 62%. Proponents of the proposals have estimated the combined yearly revenue at £36 billion, though that figure reflects their own projections rather than an independent assessment.
Proponents of a wealth tax argue that revenues from such a levy could cover the full cost of Burnham's proposed National Care Service, leaving funds to spare for the UK's broader care needs. The Prime Minister has outlined plans covering social housebuilding expansion, social care reform, greater devolution of powers, and economic growth throughout the country.
A Survation poll of more than 2,000 adults, carried out on behalf of Tax Justice UK, found that seven in ten respondents — 71% — held the view that corporate and big-business interests take precedence in government decision-making.
Speaking on behalf of Patriotic Millionaires UK — a group whose supporters include Gary Lineker and which campaigns for higher taxes on the wealthy — Julia Davies told reporters that, in her view, no other proposed tax change draws wider public backing than one aimed at the wealthiest individuals, though she acknowledged the polling evidence and the case for government action represent her own assessment rather than established fact.
Faiza Shaheen, who leads Tax Justice UK, put forward the position that Andy Burnham and John Healey held a genuine opening to ease household cost pressures through levies on high-wealth individuals and on banks and energy companies whose profit levels have attracted public attention, while also contending that wage earners have historically shouldered an outsized portion of both labour and financial burden. What workers bring to an economy — their time, skill, and daily effort — forms the foundation on which output and growth are built.
Proponents argued the measure would allow assistance to reach households struggling with bills while also addressing overpriced housing and energy costs. Proponents also argue that adopting the measure could broaden the administration's appeal among voters who view current policy as favouring wealthy and influential interests.
The coalition of organisations estimates that bringing capital gains tax into line with income tax rates, alongside the removal of existing loopholes, would generate around £12 billion annually for the public finances. Proponents argue the funding could support the construction of 90,000 social homes.
Projections from those organisations put the annual revenue from a 2% levy on wealth holdings above £10 million at roughly £24 billion. The projected price tag for Burnham's proposed National Care Service — put at around £18.5 billion — falls below the figure under comparison.
Healey is set to attend the annual IMF gatherings in Bangkok. His planned address is expected to call for coordinated action among the UK and its partner nations to reduce the fallout from armed conflicts, including the ongoing fighting in the Middle East.
Noting that armed conflicts in the Middle East and Europe were pushing up fuel costs and mortgage rates for households, he expressed the view that Britain and its partners were positioned to address those pressures through collective action. Pledges to engage with international partners on trade stability, household and business support, and building a more resilient national economy were set out as the foundation for delivering growth across every part of the country.
Fiscal discipline, the statement indicated, would underpin the forthcoming budget's aim of strengthening the economy against uncertainty. The statement described the outcome as offering near-term relief alongside longer-term prospects for improvement.
