Rachel Reeves faces challenges as millionaires leave the UK in droves, driven by tax hikes and a search for better financial climates
London: It’s been a tough time for Rachel Reeves. Millionaires are leaving the UK like it’s going out of style. Recent reports show a record number of wealthy individuals have packed their bags and moved abroad.
Why? Well, the Chancellor’s tax hikes and stricter rules on non-doms are pushing them away. Last year alone, the UK lost about 10,800 millionaires, which is a staggering 157% increase from the previous year.
And get this: it’s not just a few people. It’s like one millionaire is leaving every 45 minutes since the last general election. Many are heading to places like Italy, Switzerland, and even the UAE.
In fact, 78 centi-millionaires and 12 billionaires decided to leave last year. That’s a big deal! Ms. Reeves recently announced some hefty tax increases, which probably didn’t help matters.
She’s raising the capital gains tax on profits from selling shares, and companies will now pay more National Insurance on salaries. It’s no wonder people are looking for “more tax-friendly” places to stash their cash.
Surveys show that 42% of wealthy individuals in the UK are actively trying to move their money elsewhere. Popular spots include Italy, Switzerland, Dubai, and even Malaysia. It’s a real trend, and it’s shaking things up in the UK.
