Most Reform UK voters would back wealth tax on very rich, poll suggests

A majority of potential Reform UK voters would back a one-off wealth tax on the very rich, polling suggests, with about three-quarters supporting windfall taxes on energy companies and banks.

The figures, compiled by the Best for Britain thinktank ahead of next week’s budget, indicate that Nigel Farage might be out of step with many of his supporters.

Farage has consistently pushed back against the idea of a wealth tax, arguing that higher earners and other rich people should not be targeted in case it makes them more likely to leave the UK.

And while Farage is often critical of big business, the only plan for a windfall tax set out by Reform so far involves targeting renewable energy companies.

According to a survey of more than 3,000 people who are considering voting for Reform, carried out by YouGov, 61% would support a one-off tax on UK households with net wealth above £10m.

Among the party’s potential supporters, 77% said they would back a windfall tax on energy companies in general. Meanwhile, 73% are in favour of a windfall tax on high bank profits – the latter of which is a Liberal Democrat policy.

The polling revealed a generally critical view of both industries among the pro-Reform cohort. A total of 59% believe energy companies have a negative effect on the UK, against 14% who think they make a positive contribution. For banks, the figures were 40% negative and 12% positive.

Rising gas and electricity bills, as well as executive bonuses, were cited as the main reasons for a negative view. However, they generally had a positive opinion of big business overall.

Support for such policies was even greater among voters leaning towards other parties, the poll found. For Labour backers, 82% supported the idea of a wealth tax, along with 81% for Liberal Democrats, 63% for Conservatives and 85% for Greens.

When it came to windfall taxes, close to three-quarters of potential Conservative voters were in favour – with greater support among those aligned with the Lib Dems, Labour and Greens.

Naomi Smith, chief executive of Best for Britain, said the findings show Rachel Reeves, the chancellor, should not be too wary about being seen to increase taxes at the budget.

“Farage’s crowning achievement – Brexit – made millions of ordinary Brits poorer while hedge fund managers made a killing, and on this fundamental issue of fairness he has repeatedly shown he is out of step with the public and with his base,” she said.

“Reeves has permission from both the progressive left and the Reform-curious right to make tax fair, winning back voters and exposing Farage in the process. It is an opportunity they should not be afraid to grasp.”