Chancellor Rachel Reeves chooses super-rich over ordinary people in Spring Budget

London, UK. Today’s Spring Budget, delivered by Chancellor Rachel Reeves, has been slammed by climate justice campaigners for prioritising short-term political gain and billionaires over the needs of ordinary people. Damaging cuts to welfare are being imposed by Reeves, who is refusing to hear the growing call for a wealth tax on the super-rich and polluting corporations, a demand made loud and clear by hundreds of protestors gathered outside the Treasury on the eve of this announcement.

Matilda Borgström, UK campaigner at 350.org said:

“Ordinary people are asking whose side is Rachel Reeves on – ours or the billionaires? The Chancellor’s decision to slash welfare while ignoring the growing calls to tax the super-rich is both cruel and misguided. Instead of forcing billionaires to pay what they owe, she is choosing to side with the ultra-wealthy at the expense of ordinary people. A tax on billionaires could fund vital support for those struggling with the cost of living and accelerating the transition to renewable, homegrown energy. This would lower energy bills, insulate homes, create future-proof jobs and ensure reliable, affordable energy supplies. Instead, Reeves is prioritising the interests of a handful of elites over the well-being of millions. This is not just an economic failure – it’s a moral one.”

This budget deepens inequality through damaging cuts to disability benefits and Official Development Assistance (ODA). These cuts will disproportionately harm the most vulnerable, both in the UK and globally, at a time when urgent support is needed. Slashing vital funding while refusing to implement a wealth tax on the super-rich is a political choice – one that prioritises corporate profits and economic elites over the well-being of people and the planet.

On the eve of Rachel Reeves’ Spring Statement, a diverse coalition of civil society activists led by groups like 350.org, War on Want, Oxfam, and Greenpeace, rallied outside the Treasury, demanding the super-rich are forced to pay what they owe, instead of deep public spending cuts. Anger has grown over the government’s decision to cut disability benefits and international aid while allowing billionaires and polluting corporations to hoard record-breaking wealth. Speakers included author Gary Stevenson, Green Party Co-Leader Carla Denyer, and Labour Peer Prem Sikka, who addressed the crowd.

Calls for wealth taxation have gained traction, with the Trades Union Congress backing the idea and some Labour MPs breaking ranks in support. Oxfam reports that the richest 1% of Brits hold more wealth than the poorest 70%, and Greenpeace estimates that a 2.5% tax on assets over £10 million could generate £36 billion annually.

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Media Contact: Mark Raven, [email protected], +447841474125

Photos and video of wealth tax protest outside the Treasury available here

Growing international support to Tax Their Billions:

More than 100,000 people have already signed a petition demanding that governments tax extreme wealth.
A survey of 22,000 citizens in the world’s largest economies by Earth4All revealed an overwhelming 68 percent of G20 respondents are supportive of higher taxes on the wealthy to finance significant economic and lifestyle changes.
In the UK, a new poll from the Trade Union Congress shows that 71% of the public feel that the super-rich should pay more tax to fund public services.
An alliance of over 50 civil society organisations has been established, urging governments to #TaxTheSuperRich and end extreme inequality.
Over 370 millionaires and billionaires are asking to be taxed and recently, the Vatican hosted a conference with prominent guests on tax justice and economic reform.

350.org has published the Tax Their Billions Dossier calling out eight billionaires for their extreme wealth and the disproportionate role they play in the climate crisis. The Tax Their Billions Dossier targets ultra-wealthy figures such as Bernard Arnault, the Batista Brothers, and the heirs of the BMW fortune, who are accused of paying far less in taxes than their fair share while profiting from industries that fuel the climate crisis.