Labour’s tax plans trigger exodus of millionaires from UK

By Free Republic | Created at 2025-01-18 18:25:56 | Updated at 2025-01-19 00:15:56 5 hours ago

Labour’s tax plans trigger exodus of millionaires from UK
The Times (UK) ^ | January 17 2025 | Andrew Ellson

Posted on 01/18/2025 10:22:13 AM PST by Salman

A record number of millionaires have left Britain since Sir Keir Starmer came to power and there is growing concern that Labour’s tax plans are exiling international investors and damaging the economy.

The Treasury is facing calls to reverse its crackdown on non-domiciled residents as the scale of the exodus becomes clear.

Tax advisers also report that growing numbers of British entrepreneurs are prepared to leave the country after the tax rises announced in the autumn budget.

In total Britain lost a net 10,800 millionaires to migration last year, a 157 per cent increase on 2023, meaning it lost more wealthy residents than any other country except China. The actual number that moved out is even higher because the net figure also takes into account the millionaires who arrived in the UK.

The outflow, mainly to other European countries such as Italy and Switzerland, as well as the United Arab Emirates, was especially large among the UK’s richest residents. Some 78 centi-millionaires and 12 billionaires left the country last year.

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(Excerpt) Read more at thetimes.com ...

TOPICS: Business/Economy; Culture/Society; Extended News; United Kingdom
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1 posted on 01/18/2025 10:22:13 AM PST by Salman

To: Salman

As goes California, so goes the UK...apparently. 🤣

2 posted on 01/18/2025 10:22:53 AM PST by cuban leaf (2024 is going to be one for the history books, like 1939. And 2025 will be more so, like 1940-1945.)

To: Salman

In total Britain lost a net 10,800 millionaires

now there is good reporting, what is the net change, not just one side of the equation.

3 posted on 01/18/2025 10:24:31 AM PST by PeterPrinciple (Thinking Caps are no longer being issued, but there must be a warehouse full of them somewhere)

To: Salman

The outflow, mainly to other European countries such as Italy and Switzerland, as well as the United Arab Emirates, was especially large among the UK’s richest residents.

So why those three?

4 posted on 01/18/2025 10:25:46 AM PST by PeterPrinciple (Thinking Caps are no longer being issued, but there must be a warehouse full of them somewhere)

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