Things got fiery on Good Morning Britain when a debate over wealth tax spiralled into a tense showdown between millionaire businessman Richard Farleigh and political journalist Theo Usherwood — with presenter Ed Balls caught in the crossfire.
It all kicked off after new figures revealed that the richest 10% in the UK now own more than half of the nation’s wealth. Understandably, this has sparked fresh calls for a wealth tax to be introduced — a move some see as a fair solution to help stabilise the struggling economy without hiking taxes on working people. Sir Keir Starmer has already insisted that no such rises are coming for ordinary earners, but the question remains: Where’s the money going to come from?
Theo Usherwood didn’t mince his words. He pointed to predictions that spending cuts from Shadow Chancellor Rachel Reeves could push a quarter of a million people into poverty — with 50,000 of them being children. In his view, a wealth tax might be the only realistic way forward. “We need to raise the money,” he said bluntly, reported the Express.
But Richard Farleigh, former Dragons’ Den star and a successful private investor, wasn’t having it. “My heart agrees with you,” he admitted, “but my brain doesn’t – it won’t work.” He argued that implementing a wealth tax would be a logistical nightmare, especially when it comes to valuing assets and deciding who should actually be taxed. Farmers, he warned, had already faced the fallout of previous tax changes — and many would’ve left the country if they could.
Ranvir Singh tried to lighten the mood by joking that Richard could afford to “take a hit,” but the conversation only grew more intense. Richard claimed that five of his “very wealthy” friends had already packed up and left the UK due to the financial climate. “What they pay in VAT per year would pay for 20 teachers, but they’ve left — so well done,” he said, clearly frustrated.
When Ed Balls tried to get a word in, asking whether those friends had sold their London properties, Richard cut him off, raising his hand and saying, “Wait a sec.” Theo, however, wasn’t buying it. He argued the ultra-wealthy actually benefit from staying in the UK, saying: “On a 50 million dollar trade, you will save five million dollars being here over the European Union.”
As Ranvir summed up the mood by asking if it was right that the top 10% own 57% of the UK’s wealth, Richard conceded, “It’s wrong and there’s various reasons for it, but this won’t fix it.”
