The Wealth Tax Debate: A Bigger Picture

The debate around a wealth tax in the UK is everywhere. The rallying cry is familiar: the “working man” insists they already pay enough tax, pointing instead to wealth inequality as the real problem. The proposed solution? Tax the rich.

But here’s the harder truth: the UK economy is sluggish, growth is weak, and our default answer is always that someone else should pay. We compare ourselves to other countries, lamenting our lack of long-term investment, while governments of all stripes claim we simply “can’t afford it.”

Meanwhile, we sell our most promising technology companies to international buyers (DeepMind, ARM) and bicker over mergers in declining industries. Instead of nurturing innovation, we’re watching it leave our shores.

The result is a poorer country, with an NHS and social care system buckling under pressure—systems that no party seems able to reform.

From my perspective as an entrepreneur, I notice a common trait among peers: they take risks, forgoing comfort today to invest in tomorrow. It isn’t a lottery ticket, as many imagine. It’s long hours, tough decisions, and daily uncertainty. Yes, luck plays a role—but entrepreneurs create jobs, opportunities, and tax revenue. They invest in the future and often put themselves last when it comes to pay. They could easily take secure jobs with pensions, but instead they choose the harder path. In the US, that spirit is celebrated; in the UK, too often, it’s resented.

The so-called “rich” already contribute a disproportionate share of tax—and they’re highly mobile. Most want to stay and build in the UK, but few will tolerate constant hostility, punitive taxation, and dismissive comments about their “luck.” Push them too hard and they leave. And when they do, the tax burden shifts back to fewer shoulders—hurting, ironically, the very people calling for them to go.

If we want a stronger future, we need to change our culture. Instead of vilifying success, we should celebrate and encourage business creation at every level. It’s not about defending the wealthy; it’s about building a foundation for growth, innovation, and opportunity for the generations that follow.