British millionaires are fleeing the country in record numbers since Sir Keir Starmer’s left-wing Labour Party claimed last year’s election win and set out in socialist fashion to try and tax the country into prosperity.
Turmoil in bond markets and warnings from businesses has raised further concerns about Labour’s punitive tax plans while moves to remove the non-domiciled tax regime that allows people to keep non-UK income in a foreign country, in exchange for a fee, is also being blamed.
LBC reports some 10,800 people with liquid assets of over $1 million left the country in 2024, an increase of over 150 percent on 2023, in a move predicted not long after Starmer moved into Number 10 Downing Street.
Capital Flight: Record Number of Millionaires Set to Flee Britain Amid Looming Labour Tax Raidshttps://t.co/JGiaq5TGoD
— Breitbart London (@BreitbartLondon) September 9, 2024
A total of 78 centi-millionaires (people with $100 million or more) and 12 billionaires departed the UK last year, according to New World Wealth, a research firm.
The news, coming on the back of recent turmoil in bond markets and warnings from businesses, has raised further concerns about Labour’s push to punish the rich will also hitting farmers, old age pensioners, and everyday taxpayers with a host of penalties.
Millionaires are mostly moving to other European countries such as Switzerland and Italy, as well as to places such as the United Arab Emirates.
No Farmers, No Food: Hundreds of Tractors Converge on Central London over Labour’s Tax Raid on Family Farmshttps://t.co/gIiaYqNUkX
— Breitbart London (@BreitbartLondon) December 11, 2024
Labour are getting rid of the non-dom regime from April, which Chancellor Rachel Reeves said would raise nearly £13 billion over five years.
Over 70,000 people with non-dom status lived in the UK in 2023.
An intense lobbying campaign from wealth advisors and representatives for non-dom’s ensued in the run-up to the Autumn Budget, where the policy was announced.
Experts warned it would lead to a “tidal wave” of departures.
Left-Wing Menace: Labour’s Tax Hikes Coming This Week, Starmer Warns of ‘Harsh Reality’https://t.co/9Y1VL0mi6e
— Breitbart London (@BreitbartLondon) October 28, 2024
David Hawkins, of Foreign Investors for Britain, a group representing non-doms explained the Government’s policy is “a monumental act of national self-harm”.
He said: “It appears that decisions have been made not based on the evidence but based on ideology. It’s a real worry because more and more people are leaving. And it’s businesses, jobs, investment, spending into the economy and tax take and philanthropy that are hit.”
