Youth campaigners from Green New Deal Rising set up a mock budget briefcase scene outside the Labour Party conference on Monday 29 September.

It featured a figure dressed as Rachel Reeves, standing between two red budget boxes, one reading “billionaire’s budget”, the other “people’s budget”. The campaigners held placards urging the chancellor to introduce wealth taxes on the super-rich at the Autumn Budget.

Labour Party conference protest: ‘Rachel Reeves’ weighs up wealth tax

The action at the Labour conference comes as polling consistently shows Reform UK well ahead of Labour. Voters are angry and frustrated at Starmer’s first year in power. Many are calling on the chancellor to address this in the Budget. This includes Labour’s own MPs, former Labour leader Neil Kinnock, the former shadow chancellor, Nobel-prize winning economists, trade unions, and groups of millionaires themselves. They are urging the chancellor introduce wealth taxes like an equalisation of capital gains tax with income tax rates, taxes on the big banks. Most prominently, they are calling for a 2% wealth tax on individuals with assets over £10m.

On Saturday, Welsh first minister Eluned Morgan came out in favour of a wealth tax to address child poverty. And Andy Burnham, who has been making waves with leadership manoeuverings, is backing Mainstream, a new Labour grouping. It has also expressed support for wealth taxes.

Reeves has in recent months refused to be drawn on the question of wealth taxes, as speculation about what tax rises we will see in the Autumn budget continues. Campaigners point to wealth taxes as a clear route towards raising significant revenue for public investment. Crucially, this would do so without breaking Labour’s manifesto commitments.

Autumn Budget: time to tax the rich

Co-director of Green New Deal Rising Hannah Martin said:

After a disastrous first year, now is the time for a major reset to start delivering the deep economic change the public voted for. That means proper investment in our schools, hospitals and high streets – and action to deal with the climate crisis. The money for this investment is there. While child poverty hit a record high, billionaires added £35 million to their fortunes every day last year. At the budget, it’s time for Rachel Reeves to finally introduce wealth taxes on the super-rich.

Climate justice adviser at Oxfam GB Beth John said of the Labour conference protest:

On average, the world’s fifty richest billionaires produce more carbon through their investments, private jets and superyachts in under three hours than the average Brit does in their entire lifetime. A wealthy, high-polluting few have gained extreme riches – harming both people and planet.

At the Autumn Budget, the Chancellor must choose to fight inequality and climate change by introducing a wealth tax – a policy supported by 78% of the British public – which is essential to help to build a fairer, safer and more caring world.

Feature image supplied.

By The Canary

This post was originally published on Canary.