With the Chancellor facing internal pressure to hold to Labour’s manifesto pledge not to raise income taxes on working people, Best for Britain has tested where the public think the Chancellor should raise revenue, including key groups of prospective Reform UK voters.
The latest findings from the Decoding Populism study show that new taxes on energy companies, banks and Britain’s wealthiest individuals are wildly popular among people who say they are planning to, or are considering, voting for Reform UK at the next general election.
The research, based on a YouGov poll of more than 3,000 voters who are leaning towards Reform UK, found that around three quarters would back a windfall tax on energy companies (77%) and banks (73%) that made larger than expected profits, while three in five (61%) say they would back a one-off 1% wealth tax on the 22,000 richest families in the UK, those with a net wealth over £10 million.
The findings expose a policy gulf between Reform UK’s leadership and its base. Nigel Farage, Richard Tice and Zia Yusuf have repeatedly and recently argued against introducing new wealth taxes but potential Reform UK voters disagree, with a majority believing that none of these measures will damage the economy.
Among the general population, not only those considering voting for Reform UK, these proposals are also popular with around three quarters backing windfall taxes on unexpected profits for banks and energy companies and 71% supporting a one off wealth tax on the richest. Of people who say they plan to vote for Labour, the Lib Dems or the Greens, these proposals are even more popular with each recording 80-90% support.
Across all people thinking about voting for Reform UK, energy companies have emerged as the least popular of the types of businesses tested, with three in five (59%) saying they have had a negative impact on the UK. When asked why, Reform UK voters who had this view of energy companies cited price hikes and undeserved bonuses. By comparison, only a quarter of Reform UK voters had this view of large supermarkets, which have also seen prices increase.
Earlier polling for the Decoding Populism study revealed five distinct groups among prospective Reform UK voters each with diverse backgrounds, motivations, beliefs and policy priorities. The polling published today shows that in the group who are most likely to be convinced to vote for a party other than Reform UK, a majority (55%) say taxes on millionaires are too low, which is the most popular answer for four of the five groups. These same four groups are also more likely to say taxes on big businesses are too low.
Naomi Smith, Chief Executive of Best for Britain said,
“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.
“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.”
Liam, Byrne MP, Chair of the Business and Trade Select Committee said,
“"Reform voters are sending a very clear message: they’re sick of a rigged system where the richest get the easy ride and everyone else works their socks off.
“Their anger isn’t abstract — it’s about fairness, plain and simple. Yet Mr Farage is offering the worst of both worlds: stoking people’s fury while promising tax breaks for the mega-rich. That’s not levelling the playing field – it’s tilting it further towards the rich and powerful.
“These findings show there is real permission, across the political spectrum, for a Budget that puts fairness first: making the wealthiest pay their share, cracking down on profiteering, and rewarding hard work once again. If we want to rebuild trust, that’s the road we must take.”