Are millionaires going to leave the UK? | The Daily T Podcast

Why are the super-rich abandoning Starmer’s Britain before the Budget at the end of the month? Should we be worried? Kamal and Camilla explain why Rachel Reeves’ plans are scaring investors off...

#economy #wealth #ukraine

[armstrong]

This country is egregiously against growth and business. Its a complete disgrace. Look at the budget of Ireland this year...

[DavidMeikle-eifr]

Thousands have already left the UK. They may love this country but they love their money more

[sallen]

Business owners will just pack up . There will be no incentive to create any wealth in this country anymore . We just don’t need the stress and incompetence of a government that really do not have a clue what they are doing.

[anilasharma]

There are more millionaires and billionaires in UK, who have most probably moved their assets to a safe heaven countries.

[keithclinch]

I wouldn’t stay here, but I’ve no choice. Decades of paying tax, national insurance, paying taxes on EVERYTHING ALWAYS. now my country is savaging me at the age of 65! Starmer dare not walk down a single street in UK now!!

[andrewcavenagh]

Not the smartest move to raise taxes on those who are most able to relocate somewhere else....

[naxis]

The UK already had a problem with retaining wealth creators. As example: Branson, Dyson, Sugar, etc.
This is in contrast to the USA which has retained and received wealth creators. As example, : Musk, Gates, Bezos, etc.

Instead of addressing this problem, it is being accelerated by the new government in under 100 days. One barometer of the wealthy leaving is that properties in Chelsea have dropped by 40% and are at the levels of 2016.

To make things worse, we also have about 1million people arriving each year who have a net cost on the economy.

[sdy]

I’m not close to being a millionaire, but I’m actively researching where I’m going to take my family so our financial future isn’t destroyed by Labour. We’ve worked hard all our lives, we’ve saved, we’ve invested, we’ve taken risks, we’ve sacrificed, we’ve never taken from the state, we’ve only ever provided a net (disproportionate) contribution to the state, but, in Labour’s view, we’re the enemy and they’re going to hammer us until we’ve got nothing left. I love this country but I won’t give up my family’s future because of Labour’s ideological crusade. They’re going to destroy the UK. Lunacy.

[jimgardner]

Labour has had 14 years to prepare for Government. They could have used that time to fully analyse the financial implications of any policies including any potential losses arising from consequences such as individuals relocating, holding on to assets to put off CGT etc etc rather than just going for headlines. To not consider the negative financial effects of tax changes is naive and incompetent

[keithclinch]

It is no longer a green and pleasant land. Starmer has ruined it for everyone.

[lwzfog]

Robo Reeves got sacked off from the BofE for ‘incompetence’ after a six month tenure 😂

[earnestequivocation]

The Top 1% pays 30% of tax.
Is it because it owns 30% of UK Plc?

[schopen-hauer]

when money is not worth anything, anybody is a millionare.

[jasb]

Anyone else get bored halfway through and started watching the cricket on the left corner?

[drinky]

Labour will be celebrating their departure. The fact it makes everyone left poorer make not an ounce of difference. To the comrades driving out the rich, levels out society.The fact it levels down matters not at all.

[beefy]

Put inheritance tax on land and tax corporations on UK turnover rather than profit. It’s not that the rich are leaving, it’s that the system allows them to move the money.

[dave]

Anyone with any sense would've already left . Nothing here anymore, rich or poor

[Bert-hyek]

The problem is that UK citizens, rich or poor, don’t trust Starmer and his ministers. The tax system should apply equally to all. Charles doesn’t pay all the taxes that ordinary people have to pay. Starmer is a millionaire and will not pay tax on all his freebies.

[paulgates]

i really am embarrassed to say i live here. our family is relocating asap

[advocate]

Well we did. We're not wealthy in relative terms but we'd had enough of the regulatory environment for our biz (too much time spent filling in forms rather than building the topline). Then we were slapped with 25% CT in a "oner". Wr had better options, so we t9ok them, and we're genuinely very happy. We face CGT/IHT in the next 25/30 years so we decided to make the move for the long-term. There are plenty of friends etc, who want to have the conversation, but many.lack the boldness to go for it, or feel they ought to stay for their parents. Younger generation (20s) are definitely on the move - they appear to see little hope for the future (owning home, good job prospects, etc). Sample of one :)