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Hi ,

A couple of months ago, New York City Mayor Zohran Mamdani announced a new tax on second homes worth more than $5 million. This is expected to raise around $500 million a year for the city.

It's a simple idea rooted in a bigger principle: when wealth becomes increasingly concentrated at the top, governments can choose to act. Mamdani described the tax as a response to a "fundamentally unfair system that hurts working New Yorkers". Rather than allowing ever-greater concentrations of wealth to benefit a wealthy few, the revenue will be invested back into the city and the people who live and work there.

It is an encouraging reminder that wealth inequality isn't inevitable. Political choices created it, and political choices can reduce it.

Which brings us to the UK.

The last couple of weeks have been a whirlwind. Another Prime Minister resigning. Another (possible) leadership contest. British politics has become so fast-moving that by the time you finish reading this, there may well be another one. 

But perhaps for the first time in a long while, there is an opportunity to ask a different question: what political choices are available that could help us tackle inequality? If New York can pursue bold redistribution in today's political climate, what could that look like here?

One possible answer comes from Andy Burnham. As Mayor, he established the Independent Inequalities Commission, chaired by our patron Kate Pickett, recognising that reducing inequality isn't just about chasing economic growth. 

And the need for those kinds of choices couldn't be clearer. The UK is one of the wealthiest countries in the world, yet wealth is more concentrated than ever. We are home to around 165 billionaires while millions of people struggle with insecure housing, rising bills and stagnant living standards. 

Mamdani's proposal shows that governments can choose policies that reduce concentrations of wealth and build an economy that works for everyone. As Labour charts its next chapter, that's the challenge, or choice, facing the UK too. 

We exist because inequality isn't inevitable. It's the result of decisions about wealth, power and who our economy works for. Different political choices can reduce inequality, build stronger communities and create a fairer society for everyone. 

Moments like this remind us why we need to continue this fight and tackle inequality. Will you support us today so we can continue making the case for a fairer, more equal UK?
 
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Weekly Poll
  • "A cap on wealth in all assets, holdings, shares, companies. There needs to be a way of having things - companies/buildings - owned by the communities they impact rather than leeching off those communities. No offshoring of assets to tax havens - no extracting money from communities and sending away."

  • "Limits on how much investment individuals can do in one thing, and each investment only gets one vote, not many. Power needs to capped, not just money. No large donations to politics, no companies having a voice in politics that is larger than communities."

  • "I would make sure that there would be an end to the widening gap between rich and poor, we are all equal, being rich doesn't not make a person better than everyone else,"

  • "Progressive taxation of both income and capital over thresholds - our present system starts too low and ignores the super rich. Controls to prevent the leakage of wealth to foreign countries and tax havens, including our own. I would also give tax discounts in proportion to the amount of donations to charities, to encourage philanthropy and the obligation for the super rich to make contributions to society."

This week's poll:

There's a lot going on in the world of politics. How do you feel about it? What opportunities are present for reshaping our economy? Answers next week!
 
VOTE NOW
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The Equality Trust
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