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Home/Newsroom/Pocket change of Scotland’s ten richest families could fund 10,000 public sector workers.

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Pocket change of Scotland’s ten richest families could fund 10,000 public sector workers.

New analysis from the STUC has found that a wealth tax of 2% on Scotland’s ten richest people could fund 10,000 public sector workers.

 

After the Sunday Times Rich List revealed Scotland’s ten richest families are worth £23 billion, the STUC reiterated their call for a wealth tax to help fund investment in public services.


Analysis of a wealth tax of 2% a year on the ten families in Scotland’s Rich List would raise £459 million – enough to fund 10,000 public sector workers.

 

Local authorities across Scotland are currently proposing cutting jobs with 450 teaching posts being cut in Glasgow and further cuts to social care across Scotland. This comes on top of proposed cuts within further education.  

 

The Scottish Government has the power to introduce a tax on wealth, provided this is implemented as part of the local tax system rather than a national tax. In their report ‘Raising taxes to deliver for Scotland’, the STUC modelled a 2% wealth tax for families with wealth of more than £5 million. They estimated this would raise £1.4 billion.

 

STUC General Secretary Roz Foyer said:

“At a time when our public services are at death’s door, with Glasgow City Council alone looking set to throw 450 teachers onto the scrap heap, those at the top continue to horde the wealth and avoid paying their fair share.

“STUC tax proposals show that just a modest 2% wealth tax on the ten richest people in Scotland could fund as much as 10,000 public sector workers. That’s 10,000 more people in work, growing our economy and investing into our communities. All the while the richest families wouldn’t lose a wink of sleep over a 2% tax they would barely notice.  

“The powers to implement this lies with the Scottish Government. If the new First Minister is serious about eradicating poverty, he has the powers at his disposal to tax wealth. We stand with him on that aim and we would implore him that it’s time he used the powers of our parliament to tax wealth more fairly.   

END

Notes to editors:

 

Total Wealth of Scotland’s ten richest people

£22.95 billion

Revenue raised from 2% wealth tax

£459 million

 

*Calculations based on Sunday Times Scottish Rich List, median public sector pay from Annual Survey of Hours and Earnings, and analysis from STUC tax report ‘Raising taxes to deliver for Scotland’

 

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