Take a bow, John Caudwell. The Phones4U founder, who amassed a billion-pound fortune from his business venture, has told LBC that he is more than happy to pay his fair share of tax in the UK. This, just months after the former Tory donor switched his allegiance to Labour.
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John Caudwell waxes lyrical about paying tax in UK
Billionaire Caudwell says he is a ‘patriot’, and took a swipe at the wealthy individuals who are threatening to leave the country should they be asked to put more into the national pot. The Labour government is set to deliver its first budget at the end of the month.
It’s rumoured that specific windfall taxes and a potential hike to the capital gains tax could be implemented by Chancellor Rachel Reeves. The party has already confirmed that they will be charging VAT on private school fees, which has caused some discontent among the upper classes.
Patriotic billionaire ‘staying right here’
But those with the money are being urged to cough-up what they owe by Mr. Caudwell. On Sunday, he made an impassioned defence of the UK, lauding our education level, cultural significance, and sites of historical value. Why aren’t more billionaires saying this?
“I would not move for taxation purposes from the UK at all. I love the UK, I’m patriotic, and I believe I have to pay my fair share of tax, in order to help the poorer citizens of this country.”
“People love the UK, I’ve got friends moving back here from Monaco. They say they are moving back here for the culture, the environment, and the top level education system. We have a [good] quality of life here.” | John Caudwell
Billionaire, beware: Majority of Brits back 2% tax on ultra-wealthy
Furthermore, it was revealed by the Daily Mirror this week that the Brits polled in a recent survey would overwhelmingly favour a 2% on all assets over £10 million. Almost two-thirds of the respondents backed the idea, with just 12% being outright opposed.
The concept has been put forward by the 38 Degrees campaign group. They believe that the proposed ‘wealth tax’ could raise a total of £24 billion – instantly plugging the £22 billion ‘black hole’ identified by Keir Starmer at the start of his premiership.
“A 2% tax on assets over £10 million – paid by the richest 20,000 people in the UK – would raise £24 BILLION to provide support and improve services. This is an opportunity for Keir Starmer’s ‘government of service’ to step up and serve the British public this winter.” | 38 Degrees