Christian charity the JustMoney Movement has reacted with dismay to today’s Spring Statement from the Chancellor in response to the latest forecast from the Office for Budget Responsibility. The JustMoney Movement, which equips individuals and congregations from across the UK churches to connect faith and finance, condemned cuts to disability provision and overseas aid as “morally wrong.” The charity instead called on the Government to introduce a Wealth Tax to help address soaring wealth inequality whilst raising revenue to provide for the most vulnerable and support public services.
The JustMoney Movement is calling for the Government to introduce an annual wealth tax of 2% on assets over £10 million. This could raise an estimated £24 billion1, instead of making cuts, and help address the situation whereby the richest 1% of people in the UK hold more wealth than 70 per cent of the rest of the population2 whilst almost 4 million people cannot afford the very basics in life, such as food and warmth3.
The charity is also calling for reforms on existing taxes on wealth, such as equalising capital gains tax (CGT) with income tax and removing some reliefs on CGT and inheritance tax, to make these taxes fairer and raise billions further in revenue.
Former Archbishop of Canterbury, Dr Rowan Williams said:
“We desperately need to build a more resilient society to help us address the many crises that we face: a society where we have dependable public services, affordable housing, and sufficient provision for the most vulnerable. Such a society is not produced by the pursuit of growth alone. A wealth tax, along with reforms to existing taxes on wealth, could help us build such resilience, and address the soaring inequality that is so deeply damaging to our collective morale and trust.”
JustMoney Movement Executive Director, Sarah Edwards said:
“Today’s statement reflects wrong-headed priorities from this Government. Cuts to support for the most vulnerable are morally wrong and won’t create the strong, flourishing communities we want to live in. We should tax extreme wealth to raise revenue from those who can most afford it, to help pay for safety nets for those who are struggling, properly funded public services, and invest in an economy that serves people and planet.”
Contact info@justmoney.org.uk for comment or to arrange an interview.
Notes to editors
- The JustMoney Movement (formerly The Ecumenical Council for Corporate Responsibility) is an ecumenical Christian charity campaigning and educating across the UK churches for a just use of money. Find out more www.justmoney.org.uk
- The JustMoney Movement is calling for changes to the tax system including the introduction of a 2% Wealth Tax on assets over £10 million, reforms to existing taxes, such as equalising capital gains with income tax rates, and ending some tax reliefs and loopholes. These changes combined could raise up in the region of £60 billion of revenue to tackle poverty and fund public services. Find out more https://justmoney.org.uk/speak-out/good-measure-campaign/