Why taxing idle wealth is the only tax rise Britain needs - Richard Murphy

29th October 2025

Rachel Reeves says the UK needs tax rises to balance her budget.

That's simply wrong.

Tax doesn’t fund government spending: spending comes first.

Raising taxes now would drain money from an economy already struggling with low demand and weak wages.

The only people who should pay more are the idle wealthy, who are those hoarding unproductive wealth in property and shares.

Everyone else needs the government to spend, invest, and rebuild the economy.

Reeves’ plan will do the opposite.