London, UK — 11 June. Today, as Chancellor Rachel Reeves unveiled the government’s latest Spending Review, 350.org joined a coalition of campaigners and MPs outside Parliament with a clear message: Tax Extreme Wealth. Photos available here.
While the review included promising headlines — such as a £13.2 billion fund to fix draughty homes and install heat pumps and solar panels— the bigger picture reveals a government unwilling to confront the real source of inequality and underfunding: the wealth of the super-rich.
Matilda Borgström, UK campaigner at 350.org, said:
“We don’t have a shortage of money in this country — we have a shortage of political courage. Vital public services are under threat, and funding for affordable renewable energy remains piecemeal. Yet the ultra-wealthy — who’ve benefited most from the status quo — remain untouched. We need a fairer, braver approach.
The UK cannot meet its climate targets or protect public services without serious investment. Once again, the government is dodging the obvious solution that’s staring them in the face. The public is calling out for higher taxes on extreme wealth, and it’s time for the government to listen.”
Despite funding for social housing and some increases in NHS and school budgets, other departments like local government, courts, and public transport face effective cuts. Meanwhile, Reeves and her team failed to even mention a wealth tax on the super rich — despite widespread support for it from three-quarters of the public, unions, charities, economists, and even millionaires.
A modest 2% annual tax on assets over £10 million could generate £24 billion every year — enough to fund insulation programmes, turbocharge renewable energy, and revive crumbling services. Only around 20,000 people would be affected — less than 0.04% of the UK population — yet the benefits would be felt nationwide.
Today’s review once again confirms the government’s limited vision — investing in some green tech and climate infrastructure, while refusing to address the structural inequalities that block deeper change. Insulation programmes are reportedly protected, but other net zero schemes could be quietly scaled back. Meanwhile, nuclear investment continues to receive disproportionate attention and funding.
350.org is calling on the Chancellor to reconsider in an open letter urging Rachel Reeves to shift course and adopt a wealth tax on the super rich as a bold step to help fix the climate crisis and restore crumbling public services.
“You have already shown that you are willing to reconsider past decisions when presented with compelling arguments to do so – like the cuts to Winter Fuel Payments which left vulnerable people faced with fuel poverty. We welcome this willingness to shift course in order to do what’s best for this country, and its people – and we urge you to do so again.” the letter reads.
The Spending Review was an opportunity to deliver a just and sustainable vision for Britain’s future. Instead, the government has once again chosen to protect extreme wealth while the rest of us pay the price.
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Note to editors:
Media contact: Mark Raven, [email protected], +447841474125
Photos from Tax Extreme Wealth rally outside Parliament available here