A record number of millionaires have left Britain since Sir Keir Starmer came to power and there is growing concern that Labor’s tax plans are exiling international investors and damaging the economy, Report informs via The Times.
The Treasury is facing calls to reverse its crackdown on non-domiciled residents as the scale of the exodus becomes clear.
Tax advisers also report that growing numbers of British entrepreneurs are prepared to leave the country after the tax rises announced in the autumn budget.
In total, Britain lost a net 10,800 millionaires to migration last year, a 157 percent increase on 2023, meaning it lost more wealthy residents than any other country except China.
The actual number that moved out is even higher, according to the report.