New analysis from the Tax Justice Network has found that Verdant's proposed 1% wealth tax on assets over £10m would raise £70bn per year — enough to rebuild every school in England that needs it within five years.
The briefing, published Thursday, models the tax across five million UK households and finds that 99.9% of people would pay nothing. Of those affected, the average annual tax bill would be £84,000 — less than the average investment growth of that group.
"This is a tax on extreme wealth, not on working people," said co-leader Adrian Ramsay. "The money exists. It's sitting in portfolios, in second homes, in offshore accounts. We're saying: bring it home, and let's fix the roofs."
The analysis has been submitted to the Office for Budget Responsibility for verification. Full figures will be published in the party's pre-manifesto costing document later this year.
