video UK · 8 April 2025

Should a Wealth Tax Be Imposed on the Nation's Richest 10% to Stabilise the Economy

A Good Morning Britain studio debate, prompted by market turmoil after President Trump's tariff announcement, on whether a wealth tax should be levied on the UK's richest 10% to restore the Chancellor's fiscal headroom. Political journalist Theo Usherwood argues for raising more from the wealthy, while businessman and former Dragons' Den investor Richard Farleigh argues a wealth tax is unworkable and would drive the rich abroad.

Featuring Theo Usherwood, Richard Farleigh

Open the video ↗

Arguments in this video

Costly to administer Richard Farleigh · 04:53
There's identification, there's valuation, there's implementation. There's a high cost, a lot of problems just figuring out who should pay it.
Capital flight Richard Farleigh · 07:16
I know personally four or five of my very wealthy friends, wealthier than I am, who have left the country.
Migration response is small Theo Usherwood · 03:08
For those earning between 70 and 125, you're only paying £3,000 more tax. Are you really going to leave the country, upsticks, take your children out of school, for paying £3,000 more of tax?
Curbs extreme inequality Theo Usherwood · 07:53
Is it right that the top 10% richest people own 57% of the wealth in this country? That is inequality. It's wrong.
Raises real revenue Theo Usherwood · 02:57
If she wants to hit the top 10% of earners, bring that 45p threshold down to £70,000. That's going to raise 12 billion pounds roughly.
Wealth is too hard to value Richard Farleigh · 05:00
What's a piece of art worth? What's a business worth?