Rachel Reeves faces challenges as millionaires leave the UK for better tax options abroad
London: It’s been a tough time for Rachel Reeves. Millionaires are leaving the UK in droves, and it’s making headlines. Since Labour took charge, the numbers have skyrocketed.
Recent reports show that the UK lost about 10,800 millionaires last year alone. That’s a huge jump—157% more than the year before. It’s not a good look for the country.
Many of these wealthy folks are heading to places like Italy, Switzerland, and even the UAE. It seems they’re looking for friendlier tax environments.
In her recent budget announcement, Reeves raised capital gains tax rates, which likely didn’t help matters. Now, basic rates are up from 10% to 18% and higher rates from 20% to 24%.
Plus, companies will face higher National Insurance contributions starting in April. It’s a lot for businesses to handle, and many are reconsidering their options.
Interestingly, a survey found that 42% of people with ties to the UK are actively looking to move their money elsewhere. They want to avoid the tax hikes and find better deals.
Popular spots for these millionaires include Dubai, Portugal, and Malaysia. It’s clear they’re on the move, and the UK is losing out.
