Labour MP Jon Trickett has called for the introduction of a wealth tax after superyacht sales and food bank use simultaneously increased by eye-watering amounts.
According to BOAT Pro data combined sales for January, February and March this year showed a 46 per cent increase compared to the same period last year, ending the first quarter of 2021 with 133 brokerage sales versus 91 in 2020.
Overall wealthy people have spent more than £1 billion on superyachts in 2021 as they seek to escape Covid lockdowns and travel restrictions.
But Oxfam said it was “obscene” that such wealth was being squandered in the middle of a pandemic.
Max Lawson, head of inequality policy at Oxfam International, said: “The £1bn spent in the last year by billionaires on superyachts is more than the cost of fully vaccinating a country like Nepal, where Covid is inflicting a terrible toll.
“It is obscene – a sign of a world that has its priorities badly wrong – that with so much wealth around poor countries cannot get the vaccines they need to protect their people.”
2021
— Jon Trickett MP (@jon_trickett) May 19, 2021
• Superyacht sales up 46%
• UK Foodbank use up 35%
Wealth Tax needed.
Meanwhile, new data from the UK’s largest independent food bank provider shows there has been a more than 30 per cent surge in demand over the past year, with more than 2.5 million emergency food parcels distributed overall – a record high.
More than 980,000 of these went to children – the equivalent of almost two parcels every minute, according to the Trussell Trust. This marked an increase of 36 per cent on 2019-20 and the highest figure on record.
Earlier this month chancellor Rishi Sunak hinted that wealthy families will escape a post-pandemic tax raid earmarked to boost the economy.
It comes as America, Argentina and New Zealand all introduced a wealth tax.
Related: Large parts of British rail to be nationalised as part of sweeping Tory reforms
Since you are here
Since you are here, we wanted to ask for your help.
Journalism in Britain is under threat. The government is becoming increasingly authoritarian and our media is run by a handful of billionaires, most of whom reside overseas and all of them have strong political allegiances and financial motivations.
Our mission is to hold the powerful to account. It is vital that free media is allowed to exist to expose hypocrisy, corruption, wrongdoing and abuse of power. But we can't do it without you.
If you can afford to contribute a small donation to the site it will help us to continue our work in the best interests of the public. We only ask you to donate what you can afford, with an option to cancel your subscription at any point.
To donate or subscribe to The London Economic, click here.
The TLE shop is also now open, with all profits going to supporting our work.
The shop can be found here.
You can also SUBSCRIBE TO OUR NEWSLETTER .
