Overtaxed Millionaires Flee UK

Since Keir Starmer took office, a record number of millionaires have left because of Labour’s tax intentions.

As fears of new tax policies hurting the economy and foreign investors have grown, thousands of millionaires have left Britain.

An increasing number of British business owners are reportedly ready to depart the nation following the autumn budget, which puts pressure on the Treasury to rethink its crackdown on non-domiciled residents.

It is estimated that Britain lost a net 10,800 millionaires to migration last year, which is a 157 percent increase from 2023, the Times reported.

According to data from New World Health, Britain has lost more affluent citizens than any other nation in the world, with the exception of China, and the number has increased since the general election.

The UK’s most affluent residents mostly fled to other European nations like Italy and Switzerland, as well as to the United Arab Emirates.

This comes after  it was revealed that one of Britain’s oldest surviving family businesses claimed it could face ruin after Labour’s budget ‘torpedoed’ its operating model.

Jim Rankin, a sixth-generation owner of Rankin Brothers & Sons, a cork manufacturer established in 1774, was blindsided by Rachel Reeves proposals, which he slams for ‘running completely contrary to the government’s ambitions for growth’.

Rankin, who is also the chairman of the Cork Industry Federation, detailed to MailOnline how the latest changes to employer National Insurance (NI) contributions and adjustments to inheritance tax will now affect their cash flow, the affordability of human resources, and succession planning.

He’s blunt in his criticism: ‘The policies the government is putting forward run completely contrary to their own aims. How can they claim to be fostering growth when they’re slapping taxes on businesses that are already struggling?’

Business Property Relief (BPR) has up to this point permitted individuals to transfer trading businesses to the next generation free of tax, allowing family-owned businesses to carry on from generation to generation, but from 2026 all companies valued over £1 million will be saddled with a 20 percent inheritance tax when passed on to the next generation.

‘This change could seriously damage the future of family businesses like ours,’ Rankin explains.

‘We’ve been around for over 250 years, and part of that longevity is thanks to our careful succession planning. But these new policies mean that we’re going to have to reimagine everything. It’s going to force us to make decisions we never thought we’d have to make.’

The wealthy are naturally fleeing because Labour has made it clear that they want to soak the rich, but those who are unable to do so must pay the large portion of taxes that the wealthy are no longer able to pay.

But then why should anyone hang around in the UK when this corrupt government is determined to take everything we have?

It has been demonstrated that Rachel Reeves is a chronic liar and has dubious integrity. Millionaires leave the UK because of her, and when they do, they cease to pay taxes. Reeves thinks this is a recipe for growth, but nobody else did, even though they were the ones paying the highest taxes!

Every day now, it’s just more about how Reeves can rob all your money, including the pension you saved into and for what?

It seems that our government need a good flogging every so often, that way they might wake up and smell the coffee!

History is simply repeating itself because Labour never learn. They do the same thing over and over again, but expect different results, which is sheer foolishness.