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
Read and listen to more here: www.telegraph....

[@armstrong698]

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

[@DavidMeikle-ei7fr]

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

[@causevestnetwork7215]

amen

[@advocate1563]

Is it that simple? For us it was: 1. Regulatory burden (opportunity cost) 2. Not feeling safe in London (randomness of the violence rathwr than amount) 3. Corp tax 6 % pt increase in one year and increasing attempts to treat risked income like earned income (it's not) 4. Poor public services making a mockery of ever-increasing taxes. Looking back it took about 3 years before we said "enough already".

[@FunnyBunny-pd5xx]

In my humble opinion, It is the principle. A person, throughout their respective working life, has been careful with their money, maybe taken out several retirement plans, etc but ALWAYS paid their taxes. THEN an ideology driven government is voted in, and THEY "see" it as a RIGHT to heavily tax the aforementioned person ! Forty years of hard work, played by The Rules, and One's hard earned money GONE ! It is the Principle, "THEY" believe "THEY" have The Right. I hope I have explained myself clearly.

[@sdy30]

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.

[@gubulusgabell5721]

100% correct

[@peterkirby2771]

Well hurry up and go

[@beefy0978]

If I’m going to be forced to be working class/ poor, then I’d rather be somewhere warm and sunny and close to the sea…

[@stuartjenkins8614]

People earn thier living in UK they should pay thier dues

[@sallen2779]

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.

[@MelbourneMeMe]

And how will they transport their business with them? Any physical business cannot just ship overseas. Buildings, houses, factories, vehicles, you'd have to sell it all... Might bring down house prices 👍

[@chrismc6411]

@@MelbourneMeMe they don't need to relocate the business. If they relocate themselves to a lower tax country then they will pay corporation tax to the UK, and income tax to the country they live in. They can then pay themselves a big salary which will reduce the corporation tax further, while saving more on income tax.

[@ianharrison1822]

@@MelbourneMeMe my business can be moved, and will be.

[@Fab666.]

⁠@@MelbourneMeMesince the uk economy is built on service based business, then it’s extremely easy to move. If it wasn’t so heavily service based then it would be a problem

[@jimgardner6394]

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

[@lindacurrie8817]

The Tories had the 14 years and did nothing. Labour can't be expected to know what the Tories gave them to deal with when they were booted out therefore can't prepare 14 years worth. Ridiculous to think that they could. Could say the same about the Tories 14 years ago they should have been prepared were not. No one can look ahead 14 years. Not even a crystal ball to hand could do that. One has to deal with the hand they are dealt and Labour 3 months in are doing that.

[@jimgardner6394]

@lindacurrie8817 Coming into Govt and finding a 'black hole' didn't make Labour suddenly consider all these changes. They have been banging on about the unfairness of tax breaks for the 'wealthy', non-dom status, rich pensioners getting WFP and private school fees being VAT exempt (amongst many other things) for YEARS. Back in 2014 for example Shadow Chancellor Reeves stood up in the HOC and said it was unfair for rich pensioners to receive WFP and if Labour were in power they would means test it. The 'black hole' didnt influence any of this thinking, it is just a convenient narrative to introduce changes they have been talking about and considering for years. Plenty of time to consider the possible negative implications of implementing such changes and not wait until they get into Govt and have the Treasury warn them of the negative consequences. Of course it is far easier in opposition to come out with sound bites to preach to their supporters rather than properly think things through. The Tories (I'm not a Tory voter btw) took a similar approach back in 2010 blaming the financial mess left by Labour to introduce austerity changes so this isnt a purely Labour problem but that doesnt take away from their current strategy to use the 'black hole' to implement changes based on ideology that they've wanted to do for years and not consider the full implications. And as for not knowing about the £22bn black hole until they actually got into Govt back in May 24 ie before the election they apparently knew of a £46bn black hole (and I remembered Labour saying it was far worse when they got in Govt than they had ever imagined!! kzbin.infoxk5TrLmzxrI So when Labour said their plans had been fully costed did this take account of a £46bn black hole??

[@andrewcavenagh9016]

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

[@bakedbean37]

Far better to load it on to the less economically advantaged. They have far less opportunity to escape or ability to influence the political zeitgeist. Call them jealous and lazy if they forget who the sugar daddy is.

[@theant9821]

@@bakedbean37 at the end of the day there has to be a healthy status quo, but the left dont want to acknowledge that fact

[@Skygrey2943]

They could tax assets more or they could try to be more creative and plug the loopholes. Also, increasing tax by just 1 percentage point on the richest would generate a fair whack for the nations coffers. God knows the country needs it.

[@bakedbean37]

@@Skygrey2943 "God knows the country needs it." But surely the rich need it all for themselves. It's theirs. They deserve it all. They worked jolly hard for all of it. They've paid jolly good money to have those loopholes too. Now, stop daydreaming, get back to work and pay me rent. I've got an economy to grow.

[@anilasharma2371]

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

[@jas78396b]

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

[@lw1zfog]

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

[@keithclinch1303]

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!!

[@keithclinch1303]

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

[@naxis5000]

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.

[@SimonWallwork]

I have a few quid. I left.

[@schopen-hauer]

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

[@kyhber1]

A million is not what it Used to be .

[@chrismc6411]

Exactly, it's a 2 or 3 bedroom flat in London or Edinburgh these days.

[@earnestequivocation6250]

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

[@brice9384]

Yeah we have Schroedinger tax payers: non Doms come to pay little tax, yet pay a lot of tax?

[@clarkhunt4014]

1% percent of the top earners in the uk pay the %30 percent thats not the non doms that would be the oligarch

[@paulgates4083]

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

[@drinky1]

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.

[@sciencefliestothemoon2305]

Because 14 years of tories and tax cuts have made everyone richer innit

[@bonditltd5346]

⁠ I’ve only seen taxes rising

[@dave3130]

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

[@bruholojist3276]

cry now

[@Martin-jk6pc]

I was thinking I’d lost my senses by leaving b4 covid, but after all I realise I did the best thing. Visited U.K. recently and saw it was worse than ever. A feeling of being in ant sick toxic country

[@keirenle]

People forgot that millionaires have a means to go and reside anywhere in the world. One would like to think that they would move to places where they are getting a better treatment

[@lindacurrie8817]

The hard workers who have helped them to become millionaires and billionaires deserved better treatment. Sure for those who decide to leave green shoots will come about from those who stay want to see GB through bad times not just the good the true patriots.

[@silvafox7719]

Skilled workers can move around freely. The richest in society, living from poassive income, usually make that income from us. They won houses, shopping centres, factories, debt, football clubs etc. It's very hard to sell all of those as they are what bring the massive incomes in. Try to find a country that would offer the same as here, but with lower taxes. Good luck living in Dubai or the UAE

[@user-pd6pb2uq8r]

There is a story on the bbc today, 60 of the top earners in the uk pay 3b in tax, just over 1%,

[@beefy0978]

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.

[@Fab666.]

An economy largely based on financial services really should think twice before annoying the ppl who can move a business like that a hell of allot easier than manufacturing companies can

[@cornovii3012]

The ones who are bribing our MP's with gifts for favours hopefully, hope the door doesn't hit them on the way out.

[@victororelusi1464]

This lady talking nonsense rich people fedup of UK they flexible they can move everywhere in the world 🌎.

[@sciencefliestothemoon2305]

Really? How do they move their house or houses? How do they move their stocks?

[@bonditltd5346]

⁠Selling up and moving either on a visa or accepted passport or passport by investment. Lots of options.

[@jonathanhill9504]

I'd hedge a bet there are more millionaires with assets in the UK who've never lived in the UK to begin with. Every flat I've rented in London has belonged to someone living abroad.

[@limpethead]

I said get ready to hear the word " redundancy " alot when Labour get in. Heard it today and they have only been in 2 months if that.

[@advocate1563]

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 :)

[@colinmassey527]

Bye now 👋

[@RyanBrown-nx8dw]

Nobody cares😂😂😂😂😂😂

[@bonditltd5346]

I’ve had the same discussion with suppliers and customers in the U.K.. It’s no longer a good country to stay. 25% CT, increased tax on dividends over the years, lots of sensible tax breaks taken and a lot of exemptions on tax removed. Yesterday I received a 200% council tax bill for a property bought in a ltd Co as they said it was a second property . I was starting a self funded charity with it . Not sure I’ll do that now.

[@Robau1]

“Dynamic effect”= the repercussions of your actions

[@existentialvoid]

I am really appreciative of this kind of journalism

[@ncooper8438]

Looks like taxing the 'weathy' a bit more isn't going to happen. So that leaves the ordinary person and pensioners who are already struggling.

[@bonditltd5346]

Yep. The easy targets

[@lesleylamy]

No, not yet,

[@jimbo2241]

“Advantageous culture” - hmmm that is disappearing fast as well so what is left?

[@timwoodger7896]

50 years of chasing growth has got us in this mess. What’s growth worth if 99.9% of us are worse off??

[@paulgibbons2320]

Slavers threatened to leave. Stop making this claim without listing people who have left. I don't believe a word of it.

[@pd1596]

I'm just here for the cricket highlights

[@fireat40]

Obvious answer to the question. Only skint working class and pensioners remain. Well done labour voters!

[@sinimini]

I've got a bit of money and I'm leaving. It's so over. Labour hate people like me.

[@me8932-i8o]

I thought that millionaire exodus report was based upon a million in investable assets, not total assets, ie not including housing and some other asset types. ie the discussion in this video over houses being part of the million was not in line with the report

[@teamev1976]

A lot of South African millionaires moved to Britain. It’s not hard for them to move again. A piece of cake actually. She’s really shot her self in the foot. We (the plebs) could have told her this She’s not very bright.

[@jdizzle1779]

Yes, 3 left my local area for russia, switzerland and thailand since the summer alone

[@RemlichtFilm]

These people have no shame , who’s paying these people salaries ?

[@jblogs1000]

asap only a fool whould stop in the uk under labour

[@DoFeedThePigeons]

I have no problem with wealth aslong as everyone gets the same opportunities to get it and that’s not what we have so bye bye wealth until people play fair

[@Minecrafthunt-r6t]

If it was fair it would be communism

[@DavidFletcher-b5n]

The average home in England is now just short of £300,000 plus ones pension transfer value £180,000 so I think there are far more than 4% of English that are millionaires by your definition. I think it will be the very wealthy business people that are leaving or considering leaving.

[@redhouseclose]

1% pay 30% of income tax but they OWN 50% of the wealth of the country. Tax them more!!!!

[@bonditltd5346]

I would, but many people don’t want to tax the royal family. Their charm offensive and pr is too good

[@waynedlima2226]

Wealthy is wrong essentially when it is the outcome of privilege !

[@PreciousWexford]

And a lot more going to leave and I don’t blame them I will be one of them to 😂😂😂

[@deanhava4157]

20,000 millionaires per year were leaving, then labour came in and of course an overwhelming amount of more people want to leave 😂

[@shazoids]

Lets be clear the US wages have risen massively over the last 14 years, everyone got there fair share. The UK created record numbers of billionaires and multi millionaires whilst the wages stagnated for 14 years under the Tories. The *&*&* need to start paying.

[@Fab666.]

Tbh the US can’t afford free education and free healthcare and free housing (Yes, housing), and 28 days paid holiday,…while the uk does to a large degree. That’s where the money difference comes in. As it’s being diverted in other ways

[@george6977]

I’d be learning Polish if I were a Jewish millionaire in London.

[@Steamerbeen]

There are no rich! Its a poor Country. 🤦🏽

[@Billy-p6x2w]

They come & go anyway ' usually when it suits them '

[@JoshuaFindlay]

Sure they'll leave. Others will come. might be down a little bit for a while but it'll soon rise back up again with people willing to play ball in a fair society. Let them leave and sell there assets back to our market.

[@anthonylloyd8000]

My used to say the poor look after the poor.

[@manjeetgill1]

What about chamilionaire

[@anilasharma2371]

They have already moved abroad.

[@paulmartin6249]

Well since labour took power i am back on and alternate 2/3 day week.

[@paulgibbons2320]

Good. If they are not paying tax. Imagine what the bleeding out of the system. Get them gone. The PM should stamp their passports personally. 😂

[@itsnowjoke1381]

Young brains are leaving that is even more damaging as that is the future wealth generators leaving

[@jdferris4]

WEF approved

[@peterkirby2771]

Before they go get them to hand there passports in so they can’t come back

[@Crimeajewel-me3me]

Millionaires and more especially billionaires got their money ,( for the most part ), from being produ tive. Driving them out just leaves more room for more unemployed benefits claimants to thrive free of risk or effort.😊😊😊

[@Skygrey2943]

Money derived from rent, debt, inheritance dividends and interest are all ways the wealthiest make money from nothing but already having money. No risk or effort required.

[@JaiThera]

Capital Flight

[@ThomasBoyd-x3x]

No.

[@flyinghedgehog3833]

Yup

[@brianprice5152]

Why , should millionaire, pay a non dom flat rate tax, they can stay for 10 years, which is 30 k, Less than someone on a 100k ,its about subsiding, millionaire. Now ordinary people can become millionaire, its of millionaire crowding of new business and entrepreneurs

[@fortune_roses]

Fleeing to *where?*

[@manjeetgill1]

Various tax havens in the world. UAE, Switzerland, the Carribbean, some US states, Portugal (for pensioners) etc

[@Fab666.]

Oh there’s plenty of places

[@bonditltd5346]

I’ll as to that Spain ( beckham law), Bulgaria ( flat tax rate) Albania, Turkey, Caribbean islands( visa by investment ) etc etc etc.

[@briankerrison8504]

I bet it isn’t the bottom tax payers evading paying taxes 🙄😎 £30+ billion annual tax gap

[@user-pd6pb2uq8r]

I bet it is, lots of unemployed claiming benefits who don't pay taxes

[@human8454]

Move to dubai

[@annekirton228]

Both rank tories

[@jsd8981]

Will labour are in power specially this lot that are in power just now, i would say yes definetly millionaires will leave this country...

[@OceanPalmDevelopments]

😂 we have been for a long time

[@lindacurrie8817]

Brexit as the chap said is a different debate followed with swiftly brushed aside. Well that was expected. When will we have the Brexit debate? The debate not one will touch with a barge pole. All must pay their correct tax regardless who they are. The millionaires snd billionaires made their wealth in the UK. Those that are true patriots will remain. Those who only think of themselves will leave. A very few will as their wealth is assets and will not matter where they go will have to abide by that countries tax rules. For the moment runing of to another country to pay less tax is thought after none the less all very volatile and will no doubt bring about other difficulties to deal with.

[@Chris1553]

Fleecing more like !

[@keith8609]

I don't blame anyone getting out of England the way things are going with immigration we are on a downward spiral and the politicians are just watching it happen

[@coraggio93]

This American has heard that outside of London, the rest of England is like Mississippi...

[@dcbush]

Let’s hope so!

[@PERRITOCBA]

🎻

[@ryanf6530]

I'm quite happy to lose people who are willing to move to a different country simply to avoid paying their fair share of tax.

[@bakedbean37]

"I'm quite happy to lose people who are willing to" ... fleece and exploit the rest of us.

[@givemoreblood]

@@bakedbean37 go tell your boss that and the ceo of your company

[@bakedbean37]

@@givemoreblood Who would that be? I'm self employed.

[@grahampritchard5284]

Top 4% pay 30% of tax, ......the more who move, less tax is collected. Labour can't understand basics economics 😱

[@Nickel1147]

​@@grahampritchard5284Some people just do not understand how an economy works... Britain will be poorer and investment driven away

[@thomassayers8559]

Run rabbit run run run. How is it? Unless the government do what I say I'm leaving the country. There are vast sums of money in the bank, it is doing us all the world of good. Go! Please go! Don't come crawling back either.

[@owenokane9643]

Good riddance. If they want to go. Bon voyage. So they earn their millions on the back of their workers and because the Labour government is going to make them pay more tax on their profits, so they are threatening to leave. Let them go, and go now, but I would like to know where they would go. Do they think other European countries are going to let them exploit their workers and pay less tax . Well they should think again.

[@advocate1563]

There are far better options than Europe, which sadly seems to be moving into a period of steeper decline.

[@bonditltd5346]

Yes, countries like investment and appreciate more business