Rebuilding Britain Starts With Taxing Extreme Wealth

Dr Adam North discusses how there is money in the UK for public services - and plenty of it - although we're constantly told that there isn't.

Dr. Adam North

I’m usually wary of simple solutions to complex problems. But when it comes to Britain’s current state of crisis—from collapsing public services to rampant inequality—there is a straightforward fix: tax extreme wealth.

We’re constantly told there’s “no money.” That we can’t afford a functioning NHS. That we can’t pay teachers or nurses a decent wage. That decarbonising our economy is just too expensive.

But the truth is: the money exists—it’s simply in the wrong hands, and it’s staying there.

The UK is now one of the most unequal countries in the developed world. While ordinary people struggle with stagnant wages, rising bills, and crumbling services, the ultra-wealthy continue to grow ever richer. One shocking statistic: the UK’s 50 richest families now hold more wealth than the bottom 50% of the UK population.

This didn’t happen because they work harder. It happened because the system is designed to protect accumulated wealth—not reward actual work. That’s why we need a wealth tax.

What Is a Wealth Tax?

It’s simple. A wealth tax would place a small annual levy on the total assets—not income—of the richest households in society. We’re talking about people with more than £10 million in net assets: property, stocks, land, yachts, private jets, art, etc.

This isn’t about punishing success. It’s about fairness. Right now, most people pay tax on what they earn. But the ultra-wealthy make most of their money from what they own—and that wealth is barely taxed at all.

Take someone earning £40k from a job: they’ll pay far more tax, proportionally, than a billionaire passively profiting from rising asset prices. That’s not just broken—it’s backwards.

Who Would Pay?

Not you. Not 99.9% of people.

A well-designed wealth tax would only apply to the very richest—those with more than £10 million in net assets. A modest tax of even 1–2% annually on this group could raise tens of billions for public services.

To be honest, I’d argue for more.

And would the rich even notice? Probably not. Since the pandemic, billionaires have seen their fortunes balloon—the largest upward transfer of wealth in modern history.

Skimming off the top of that massive pool of capital would do nothing to harm their lifestyles—but it would transform the future of this country.

Why the UK Needs It—Now

Britain is in a permanent state of managed decline. Underfunded healthcare. Overworked teachers. Unaffordable housing. Councils on the brink of bankruptcy. All while we’re told to tighten our belts and accept “hard choices.”

But what if we stopped asking the public to sacrifice, and started asking billionaires to contribute?

A modest wealth tax could:

· Fund the NHS and social care properly.

· Invest in affordable housing and local infrastructure.

· Raise pay for essential workers.

· Fund a just transition to net zero.

· Reduce child poverty.

· Give councils the funding they desperately need.

This isn’t just about economics. It’s about justice. The fortunes of the ultra-wealthy are built on public goods, collective effort, and state infrastructure. It’s only right they return something to the society that enabled them.

But Won’t the Rich Just Leave?

This is the go-to scare tactic. But it’s largely a myth.

Most billionaires won’t uproot their lives, families, and empires over a 1% tax. And many of their assets—property, land, businesses—can’t just be flown to Monaco. If we design the tax well, close loopholes, and include overseas assets, it’s entirely feasible.

Countries like Norway and Spain already tax wealth. Others are actively exploring it. And with international coordination, we can make dodging harder—not easier.

We shouldn’t cower before capital flight. We should build tax systems resilient enough to withstand it.

The Politics of Courage

As I’ve argued elsewhere: the public wants bravery. Poll after poll shows a majority of people support wealth taxes—including many Conservative voters. But politicians are afraid—of headlines, of donors, of being labelled “anti-business.”

Of course they are. Our media is owned by the very people who’d be taxed.

But courage means doing what’s right, even when it’s hard. And this is right. We can’t keep asking working people to sacrifice everything while the richest give nothing.

So yes—get angry. Talk to your friends. Share these ideas. If you can change one mind, you’ve helped push the needle.

A Better Britain Is Possible

We face a simple choice. We can accept spiralling inequality, worsening poverty, and permanent crisis. Or we can demand that those with the broadest shoulders finally pay their fair share.

A wealth tax won’t solve every problem. But it’s a start—and it could fund the Britain we’ve been told we can’t afford. The truth is, we can afford it. We just need the will to make it happen. So, let’s build that will and let’s make it happen.

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