The number of wealthy Britons looking to move abroad has risen sharply since Labour’s election victory, as fears grow about the scale of Chancellor Rachel Reeve’s impending tax crackdown on high earners.
According to The Times, the number of dollar millionaires choosing to move out of the country could reach 9,500 within the year. This would put the UK in second place for the number of countries millionaires are fleeing, beaten only by China.
A company offering relocation services to high net worth individuals saw a 69 per cent increase in enquiries in August compared to the same month last year.
The reason is the Starmer regime’s classic socialist tax plan, which aims to fleece the rich to raise more money for an already overweight state. The fact that countless studies show that such a policy does not work is ignored by socialists all over the world, including here in Norway.
The reason is twofold: Firstly, too high a tax will motivate rich people to place their funds in tax-free foundations, instead of investing it in industry and business that can create jobs.
Secondly, those who are rich enough vote with their feet. Many of these people can easily move to another country to escape the clammy and greedy hands of the state. We can see this here in Norway too:</p
For the time being, it’s the billionaires who are moving out. Soon, normally rich people will follow suit, especially those who belong to the laptop class and can work from anywhere as long as they have access to the internet.
The uncertainty surrounding the tax changes is also having a serious effect on the UK’s high-end property market, as wealthy buyers wait to settle in the UK.
The latest analysis suggests that the UK is set to lose as many as 9,500 millionaires this year – more than any other country in the world, apart from China.
Henley & Partners, which helps wealthy investors move overseas, says the UK has suffered a net loss of 4,200 millionaires in the first five months of the year and that a further 5,300 are expected to disappear by the end of the year.
Since China has almost ten times as many dollar millionaires as the UK, this means that the proportion (as a percentage) of wealthy Brits escaping is around five times that of China.
Keir Starmer scares the wealthy far more than a dictator like Xi Jinping. Should the prediction prove true, it would mean that the UK will lose four times more millionaires this year than Russia, Brazil and South Africa combined.
At the same time, property investors in the rental sector fear an increase in wealth tax, which is why many of them are selling their apartments. This is pushing up rental prices in a market already hard pressed by housing shortages and mass immigration.
For many Brits, it’s completely impossible to escape the rising taxes that top massive increases in overheads. It is these that David Goodhart described as somewheres, people who are attached to a place. This applies to most people who have a job they have to go to every day.
Rich people, and “elites” who make their living in so-called non-governmental organisations, on the other hand, are anywheres. They can live exactly where they want, they don’t notice the problems of increased electricity prices and higher taxes where they earn millions tax-free in the UN or in other supranational organisations.
The problem with an international and almost global Western policy is that it does not take account of the localised, writes Goodhart. But he is completely ignored by Støre, Starmer, von der Leyen and Biden.
They don’t recognise such ordinary people because they don’t belong to this group themselves. Empathy only applies within the group they themselves belong to, and a few selected vulnerable minorities who do not wish us well.
In practice, the result of government greed is the usual: Increased taxes for the rich result in lost total tax revenue, weakened competition, rising unemployment and, eventually, a sharp increase in taxes for the working and middle classes.
However, lower-class citizens should not complain too much about their worsening situation. If they do, there is a risk that Starmer and his gang will send in the terror police to imprison opponents for extended periods of time.
London has fallen.
