CLIMATE activists staged a protest outside the Treasury this morning to demand a tax on billionaire wealth.

Campaigners from the Climate Resistance group picketed outside the building’s entrance, holding banners and chanting to draw national attention to the government’s refusal to impose meaningful taxes on the super-rich.

They warned that Wednesday’s Budget will again push ordinary people into deeper hardship while protecting Britain’s billionaire class despite evidence that a well-designed wealth tax could raise billions to fund public services, support a global just transition, and pay long-overdue climate reparations to countries in the global South.

Climate Resistance spokesperson Sam Simons said: “This Budget is set to make life harder for millions while allowing billionaires to continue hoarding obscene wealth.

“This government refuses to tax extreme wealth even as our public services collapse and climate disasters escalate. Britain deserves better than a government bought by billionaires.

“Abolishing billionaires isn’t radical — it’s common sense. Extreme wealth is incompatible with a safe climate and a fair society. Ordinary people are paying the price for a crisis caused by a handful of ultra-rich profiteers. That must end.”

Climate Resistance argues that the political establishment has been captured by the ultra-rich — a tiny elite whose fortunes rely on exploited labour, extractive industries, and the plunder of natural resources across the global South.

The group’s Abolish Billionaires campaign calls for a transformative wealth tax aimed at taxing billionaires out of existence, redistributing extreme wealth to fund climate action, strengthen public services, and build a fairer society.

The Treasury was contacted for comment.

Chancellor Rachel Reeves is set to introduce a property levy on homes worth more than £2 million in a move that is expected to raise just £450m, according to the Times.

She is in the final phase of Budget preparations, with measures expected to include further changes to British tax regime as she looks to fill a £20bn fiscal hole created by her self-imposed debt-reduction targets.

The government had reportedly considered applying the levy, which is set to change according to property prices, from homes worth £1.5m.

Those plans were changed following concerns over disproportionately affecting homeowners in London, with analysts at the Office for Budget Responsibility having reportedly warned the government against the effect of plans.