Question to the HM Treasury:

To ask the Chancellor of the Exchequer, with reference to the Office for National Statistics Wealth and Assets Survey, published on 24 January 2025, if she will make an assessment of the reasons for the trends in (a) financial and (b) physical wealth for the top (i) 10% and (i) 1% decile between round seven and round eight.

The Government is committed to making sure the wealthiest in our society pay their fair share of tax. That is why the Chancellor announced a series of reforms at Autumn Budget 2024 to help fix the public finances in as fair a way as possible.

While income and wealth are not always directly correlated, distributional analysis shows that Government decisions at Autumn Budget 2024 and Spending Review 2025, Phase 1 are progressive and benefit households in the lowest income deciles the most, on average as a percentage of income in 2025-26. The increases in tax are concentrated on the highest income households. Overall, on average, all but the richest 10% of households will benefit from policy decisions in 2025-26.