We’re the most privileged humans on earth’: Millionaires and billionaires demand to pay higher taxes - More than 120 UK billionaires and millionaires have demanded to be allowed to pay higher taxes

Over 120 people have become millionaires and billionaires in the UK in the last few years, after billionaire status was passed down from the late Sir James Goldsmith, a former British Business Secretary who saw his ideas brought to the surface by former Chancellor Lord Lawson.

In the run up to today’s European Budget, more than 120 people with more than £4.3 billion in wealth have called on the Chancellor to pass down more tax to them, their peers or their corporations – by, for example, replacing income tax and corporation tax with a higher corporation tax.

To entice them, David Cameron has promised to introduce tax credits, business tax credit and the ‘tax cliff’ instead of the 1% tax increase he originally announced.

The most recent attempt to implement the lower rates with a ‘slight edge’ from the highest rates will in theory take place during this year’s Budget, but any corporation tax rise announced will still take effect during the current year – and this has worried many who are looking forward to a time when they will either be paying less tax or the value of their assets could more than outweigh their losses from capital gains tax.

This has led to a chorus of criticism from a number of prominent figures in the wealthy classes who feel that the Government should do more to bring back tax rates for those in the very wealthiest pay.

Gaelic League frontman Seamus Heaney is worried the changes could lead to social classes forming in poverty if couples’ personal wealth is lost, whilst former Chancellor of the Exchequer Sir Robert Chote fears changes to income tax will cause hardship in the middle classes and the very wealthy.

Welcoming the calls for higher taxes, Shadow Chancellor Ed Balls said:

“If Gordon Brown and Gordon Brown- backed tax cuts are to have any chance of helping the least affluent and at the same time to pull out of recession, they need the support of both Labour and the Tories. “The nation cannot survive on the poorest getting the smallest of improvements when they make the highest sacrifices.”