A record number of millionaires have left the UK since Labour came to power and announced new tax policies that are scaring off investors, with one leaving the country every 45 minutes, the Times reports, citing calculations by the analytical firm New World Wealth.
A record number of millionaires have left the UK since Prime Minister Keir Starmer came to power, the newspaper writes, as concerns grow that Labour's tax plans are "driving out international investors and damaging the economy".
„A millionaire is leaving Britain every 45 minutes since the general election was called“, the Times summarizes. In total, the UK lost almost 11,000 millionaires in 2024, a 157% increase on 2023. It is noted that the actual number of departures is higher, as the net total also includes millionaires who arrived in the UK.
The publication notes that the outflow is mainly happening to the UAE and other European countries such as Italy and Switzerland. In another article, the Times reported that as Britain’s appeal among millionaires is waning, local luxury goods retailers such as jewelers, luxury estate agents, private schools and legal advisers are starting to feel some anxiety.
Representatives of these businesses told the publication that they are already considering moving abroad to follow their clients, and are also preparing for a significant drop in demand and income. In October 2024 Chancellor of the Exchequer Rachel Reeves has presented the first financial plan of the new government. It includes raising an extra £40 billion for the treasury through tax increases.
Later, the heads of more than 80 British retail chains expressed concerns in a letter to her about the economic consequences of the presented budget. They estimate that rising social security contributions, the minimum wage and the packaging tax will collectively increase annual costs for retailers in the UK by £7 billion (approximately $8.5 billion).
Source: ria.ru