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Green Party Introduce 'Wealth Tax' For Top 1%

Thursday 24th July 2014


The leader of the Green Party has revealed that taxing the very rich is to be a major part of its General Election strategy.

Speaking exclusively to LBC, Natalie Bennett announced the proposal of a 'wealth tax' levied on people worth more than £3million.

The new tax would affect the richest 300,000 people in the country, who could have to pay between £30,000 and £60,000 per year, earning up to £43billion for the Treasury.

The Green Party leader told LBC it's also about making society fairer. She said: "We're proposing a wealth tax, either at 1 or 2%, levied annually on people who have wealth valued at more than £3million.

"What we would expect this to do is to help to balance society and raise money for the government.

"It would affect about 300,000 people and they would be paying between £30,000 and £60,000.

"And if you think about what that's raising - it's £21billion to £43billion. That's about 15% of the cost of the NHS and we have a drastically underfunded NHS.

"That's not specifically what you should spend it on, but we're proposing the wealth tax as one element that would both rebalance our society, but would also bring in money that the government desperately needs to spend on essential services."

Ms Bennett confirmed that the policy would be part of the Green Party manifesto for the General Election next year.