The former chairman of North East bakery chain Greggs has called on the Government to tax wealthy people like him in a bid to ease some of the divisions in UK society.
Ian Gregg, who retired 20 years ago as chairman of the firm started by his father John, helped instill the social values that remain at the company through the formation of the Greggs Foundation. He no longer has any role in the company, but speaking in a personal capacity said that the backlash to tax cuts during the ill-fated Liz Truss premiership showed there was an appetite to put higher taxes for the wealthy on the political agenda.
Mr Gregg’s comments came after the ill-fated “mini Budget” delivered by then Chancellor Kwasi Kwarteng, which lowered the rate of tax for high earners. Though those changes have since been reversed under current Chancellor Jeremy Hunt, Mr Gregg believes that even modest rises in tax rates for wealthy people would be the right thing to do.
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He said: “The way I see it is that there has been a polarisation of wealth, the wealthier have got wealthier, including during Covid, when everyone else suffered. We’re now in a perfect storm of crises with huge debt levels and the cost-of-living crisis, the average people in this country are really suffering.
“It seems to me in that situation those who can afford it should be paying more to get the country out of the mess it’s in. The other thing I feel really strongly is that I don’t really want to be living in a country – nor do I want this for my children and grandchildren – where there’s so much unrest and unhappiness.
“There’s increasing frustration that’s starting to show itself through strikes and I understand people who can’t make ends meet taking action. When other people walk off with big bonuses and are unaffected by it, that seems wrong.
“I’d rather pay a little bit more in taxes and live in a society that had better values and where people are more content. I don’t see how we get out of this crisis unless we’re pulling together – but we’re not.
“There’s a lot of division and a feeling of unfairness. Unless that’s addressed, it’s going to be much more difficult to get the country back on course.”
Mr Gregg – who joined his family firm as a child and helped lead its growth to float on the Stock Exchange and become a presence on high streets around the UK – said he had been supported by other wealthy people since first floating his ideas of tax rises for the better off. He backed the work of groups such as Tax Justice UK and Patriotic Millionaires, which campaign for a fairer tax system and greater levels of equality.
His time at the company saw it launch the first Greggs breakfast club and support the annual children’s cancer run in Newcastle. The company has continued that social mission after his retirement and last year launched its Greggs Pledge, a 10-point plan to make the world a better place.
Mr Gregg said he was “very proud” at how the company had developed in recent years.
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