Taxing people’s wealth as a way to reduce the UK’s rampant inequality is an idea that’s popular among many people on the left, and has been pushed by some politicians including the Green Party’s new leader Zack Polanski.
But equally, it is loathed by others who believe people should be able to hang on to what they have, whether that’s earned or inherited. Labour’s decision to introduce a ‘mansion tax’ on homes worth more than £2m, a relatively small step announced by the chancellor Rachel Reeves as part of the Budget on 26 November, has since drawn plenty of fire from the right.
So it’s timely that week Neil is joined by Frances Howe, co-founder of local collective Bristol Redistro, which is all about trying to persuade people to let go of that attitude and offer up their wealth to be redistributed where it is most needed.
Redistro, which the Cable first wrote about during the pandemic, soon after it was set up, asks people who have more money than they need to chuck some of that loot into a pot. This is then divided up by a panel of locals and given to grassroots organisations.
Its most recent funding round raised £43,000 and helped groups based in Knowle West, St Paul’s, Hengrove and Hartcliffe, as well as others serving marginalised communities across the city.
So what counts as surplus wealth then, and what difference does this approach make? How is this different from giving to a charity? Is it just about making comfy lefties feel a bit better about themselves? And with the cost of living biting us all, why should people be giving up their wealth in the first place? We get into these questions, and much more on this latest episode of Unpacked.
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