The UK’s leading union chief has called on the government to introduce wealth taxes in the upcoming autumn budget, arguing that such measures are vital to support working people and counter the growing threat posed by Reform UK.
Paul Nowak, general secretary of the Trades Union Congress (TUC), said the government must “stay the course” on its investment plans and avoid retreating from promises made during the election. He stressed that long-term solutions require fairer taxation, ensuring that those with “the broadest shoulders” contribute more to the system.
Recent polling suggests broad public backing for wealth-focused taxation. A 2% annual levy on assets above £10 million received support from 68% of respondents, rising to 75% among Labour voters now considering Reform. Similarly, aligning capital gains tax with income tax was supported by 51%, and a wider package including higher taxes on gambling firms and windfall levies on banks gained 68% approval overall.
The TUC estimates these policies could generate an additional £36 billion annually from wealth taxes, £3 billion from gambling levies, and between £20 billion and £50 billion from bank surcharges over four years. Nowak argued that such measures would not only strengthen public services but also demonstrate that the government is firmly on the side of working people.
“Too many people still feel that change is just a slogan,” Nowak said, pointing to the ongoing cost of living crisis. “This budget must show clearly whose side the government is on—fair taxes or public service cuts. The choice is obvious.”