Greens vow £70bn tax hike on wealthy to drive change

The Green Party has pledged to raise taxes on UK's top earners in its manifesto, claiming the plans will generate £70bn a year to mend "broken Britain".

On Wednesday, the party will set out what it calls a “game-changing” transformation in housing, transport and the green economy.

The plans include raising the National Insurance (NI) rate to 8% on annual wages above £50,270 - equivalent to an extra £283.74 per year in tax for someone earning £55,000.

Party co-leader Andrian Ramsay said the Greens were the "only party being honest" about the scale of changes needed to fix the climate crisis, housing and the NHS​.

In the lead-up to the manifesto launch, the party committed to spending £50bn per year on health and social care by 2030.

Ahead of the manifesto launch, Mr Ramsay said the party intended changing the "conspiracy of silence" on taxes by creating a fairer system and asking those "with the broadest shoulders to pay more".

The party will also set out details of a Green Economic Transition programme aiming to upgrade homes across the UK, making them warmer and cheaper to run by increasing energy efficiency.

To pay for their plans the party has proposed a new wealth tax charged at 1% on all assets worth more than £10m declared in a self-assessment tax return, increasing to 2% on all assets above £1bn.

They would also reform the NI system.

Currently Employees pay no NI on earnings of up to £12,570, 8% on earnings of between £12,570 and £50,270, and 2% on earnings of above £50,270 for the 2023/24 tax year.

Under the Greens' plans, the 8% rate would be paid on all wages above the upper earnings threshold.

The Greens said they would also:

• Introduce a carbon tax on businesses starting at £120 per tonne emitted, rising to £500 per tonne over ten years, to push businesses to decarbonise
• Expand the 75% windfall tax on fossil fuel profits to banks, aiming to raise an extra £9bn a year
• Bring Capital Gains Tax in line with income tax bands.

Aside from this the party promises not to impose further increases on the main rates of corporation tax.

The Green Party’s clear tactic since the start of this campaign has been to paint Labour as being too similar to the Conservatives.

Ahead of the election launch, Mr Ramsay said: "Labour and the Conservatives would rather hide their plans for cuts to public services than confront the need for a fairer tax system that asks those with the broadest shoulders to pay more – including the very wealthiest in society who have grown even wealthier over the last 14 years​​."

"With more Green MPs in Parliament we will stop Labour backtracking on any more of their promises.

"We will push them to be braver, to be more ambitious, and to actually do what’s necessary to fix our broken country and get us back on track."

The Greens plan to field candidates in every constituency in England and Wales for the 4 July election, but the party will focus their efforts on four seats they see as winnable.

Separately the Green Party has confirmed four candidates stood down after it launched an investigation into reports of antisemitic or extreme comments.

The Scottish Greens are a separate party.

The manifesto launch will take place in Brighton and Hove, the constituency that returned the only Green MP, Caroline Lucas, and a key target for the party.

Sian Berry, the party's candidate for the constituency, said: “The time for half-measures and empty promises is over. Only the Green Party is offering real hope and real change at this election.”

BBC News will be covering the manifesto launch live, including questions to the party at a press conference and analysis of the details of their plans.