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The majority of Britain’s millionaires are willing to pay higher taxes in order to help improve the UK, new research claims.
A survey of more than 500 millionaires, defined as those who have assets worth more at least £1 million, found that 79 per cent would pay higher taxes if it created more opportunities for young people, while 64 per cent believe that the government should increase taxes on the wealthiest in order to cut them for everyone else.
The figures, from millionaire network Patriotic Millionaires UK, come amid concerns that the country’s wealthiest are fleeing due to tax burdens.
Phil White, a member of the group, said: “Millionaires like us know how lucky we are to live in the UK and, as this polling shows, we are more than happy to invest in our country’s future.”
The survey also found 88 per cent were proud to live in the UK and only nine per cent were concerned about other millionaires leaving the country.
(Getty)
Instead, the biggest worry among those surveyed was the exodus of doctors and business owners, followed by the departure of young people.
“It’s also no surprise to see that millionaires value doctors, young people, and business owners more than other millionaires, because people like this are the backbone of our country—they are the real wealth creators,” Mr White said.
The findings contradict prior research, including a report from last year, which found that half of the UK’s millionaires were more likely to consider leaving the country if Rachel Reeves introduced a wealth tax.
The group said previous reports had been “misleading”.
Youth campaigners call for wealth tax ahead of Rachel Reeves’ autumn budget last year (Getty)
Business secretary Peter Kyle admitted in November that Labour’s tax rises may have led to wealthy Britons fleeing the country.
The survey also found that 59 per cent of millionaires supported the idea of a “settling-up fee” for people who build wealth in the UK, using its infrastructure and services to create personal wealth, before leaving the country.
“Most UK millionaires said they are proud to live in the UK because of our nation’s culture and history, followed by pride in their family and friends, the UK’s creativity and innovation, and our great outdoors – but the reality is all of these things will be at risk unless we reduce inequality,” Mr White said.
“The best way to do that, and to raise much-needed money for our country and public services, is to tax the super rich. Working people support raising taxes on the very richest, as do millionaires, and we urge the Government to support it too.”