A majority of potential Reform UK voters support a one-off wealth tax on the wealthy, according to polling data. Approximately three-quarters of those surveyed favor windfall taxes on energy companies and banks.
The polling data, compiled by the Best for Britain thinktank ahead of the upcoming budget, suggests that Nigel Farage may not align with many of his supporters’ views.
Support for Wealth and Windfall Taxes
According to a survey of over 3,000 potential Reform voters conducted by YouGov, 61% would support a one-off tax on UK households possessing net wealth above £10 million. Among these supporters, 77% favor a windfall tax on energy companies, while 73% support a similar tax on high bank profits.
The polling reflects a generally negative perception of both the energy and banking sectors among potential Reform supporters. Approximately 59% believe energy companies have a negative impact on the UK, compared to only 14% who think they contribute positively. For banks, the corresponding figures are 40% negative and 12% positive.
Political Implications
Citing rising gas and electricity bills, along with executive bonuses, many respondents expressed discontent towards these industries. Despite this negativity, there remains a generally positive outlook toward big business overall.
Support for wealth and windfall taxes is even more pronounced among voters for other political parties. Among Labour supporters, 82% backed a wealth tax, followed by 81% for Liberal Democrats, 63% for Conservatives, and 85% for Greens. Close to three-quarters of potential Conservative voters also supported windfall taxes, with higher levels of support observed among Liberal Democrats, Labour, and Greens.
Naomi Smith, chief executive of Best for Britain, indicated that the findings suggest Chancellor Rachel Reeves should not hesitate to consider tax increases in the budget. She noted that Farage’s stance on tax issues appears out of touch with the public and his base, offering Reeves an opportunity to advance fair taxation policies.
Smith added that such strategies could help attract voters back to the progressive left while exposing Farage’s disconnect from current public sentiment.
