A proposed annual two percent tax on wealth, covering assets such as property, investments and savings, for those holding more than £10 million could bring in approximately £24 billion each year, according to data from Oxfam GB and Tax Justice UK.

Research cited by Oxfam GB indicates that 78 percent of UK residents support a two percent charge on wealth above the £10 million threshold. Resistance to any further taxation of affluent individuals comes from media organisations owned by millionaires and political parties that receive donations from wealthy benefactors.

Those who want increased defence spending to protect their holdings should make a small extra contribution. Genuine supporters of the country would happily pay slightly more. The government currently spends around £50 billion per year from public funds on military costs. This additional charge would raise that total to £75 billion annually, equivalent to a 25 percent increase. Further investment in the UK’s defence industry would maintain jobs and enable companies to create better weapons technology while taking on more workers. One would expect wealthy people would support channeling this money towards national defence.