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The Story

Confessions of a millionaire: Should the super-rich pay more tax?

The Story

The Times

Investigative Reporting, Daily News, Current Affairs, Uk News, News, Politics, Global News, News Analysis, In-depth Journalism, Long-form Audio, Audio Storytelling, Exclusive Interviews, Daily News Podcast

3.91.6K Ratings

🗓️ 7 March 2024

⏱️ 34 minutes

🧾️ Download transcript

Summary

Tax burdens are at the highest level in living memory, yet public services are falling apart. That's why the rich should pay more tax, says our guest: economist and millionaire Gary Stevenson, a working-class kid who went from being expelled at school to becoming Citibank’s most successful trader. But would a wealth tax work?

This podcast was brought to you thanks to the support of readers of The Times and The Sunday Times. Subscribe today: thetimes.co.uk/storiesofourtimes.

Guests:

- Lily Russell-Jones, senior money reporter, The Times and The Sunday Times.

- Gary Stevenson, economist, millionaire former trader and author of The Trading Game: A Confession.

Host: Luke Jones. 

Producer: Olivia Case.

Clips: GB News, parliamentlive.tv

If you enjoyed this episode, you might like this one: 'Who is Britain's richest person?' https://pod.fo/e/17d4b3

Email us: storiesofourtimes@thetimes.co.uk

Find out more about our bonus series for Times subscribers: 'Inside the newsroom' 

This podcast was brought to you thanks to subscribers of The Times and The Sunday Times. To enjoy unlimited digital access to all our journalism subscribe here.


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Transcript

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0:00.0

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0:04.4

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0:34.0

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0:37.2

allocation may not fully protect you from market risk. The Chancellor might have hailed yesterday's budget as a tax cutter.

0:54.0

Because we are delivering the Prime Minister's economic priorities,

0:58.0

we can now help families, we can now help families not just with temporary cost of living support but with

1:07.4

permanent cuts in taxation.

1:10.3

Despite this though most of us are paying more tax than any of us have ever known, but could

1:17.4

some of us still mean the super rich of course not me.

1:29.0

Take the Prime Minister himself as an example worth Worth hundreds of millions of pounds,

1:34.0

but pays the same effective tax rate as a teacher or a nurse.

1:38.0

Tax records have shown that the Prime Minister

1:41.0

earned over 2 million pounds last year, which amounted then to

1:44.9

over half a million he had to pay in tax.

1:47.8

Yeah, the documents revealed he paid an overall tax rate of 23% in the UK.

1:54.0

All as it should be.

...

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