More grim news for the Treasury today as a report from the Adam Smith Institute reveals the annual income tax revenue lost from high earners fleeing the country now matches the income tax contribution of over 528,000 average taxpayers. A record-breaking 10,800 millionaires packed their bags and left the UK last year to flee Reeves’ tax raid…
The report warns the revenue gap could be even greater when factoring in corporation tax, VAT, and national insurance contributions tied to those leaving. A reminder that the UK’s top 1% of earners currently contribute 29.1% of the nation’s income tax—by far the largest slice of the Exchequer’s revenue. Shadow Business Secretary Andrew Griffith sounded the alarm bell:
“Our entrepreneurs and businesses are fleeing this socialist government’s tax raid in droves. This research shows that Rachel’s Marxist maths has put the economy in real danger of drowning in Labour’s tepid bath of decline. Unless she changes course, every taxpayer will be getting soaked as a result.”
Reeves driving capital out of the UK at breakneck speed…
UPDATE: Reeves is now planning to water down her non-dom tax raid following the exodus of millionaires. She told a fringe event at the World Economic Forum that she’s prepared an amendment to the Finance Bill to increase the temporary repatriation facility, which lets non-doms bring in cash without paying heavy taxes.
Tom Baldwin, author of Starmer’s hagiography, spoke to Times Radio:
Tom Baldwin: “I think he’d like to do something. He’s very dutiful and driven by service. That’s why he came into politics. I think that’s characterised his time as prime minister. He hasn’t always sought popularity or been good at being popular. But I think he has some of the necessary qualities that we actually do want in a prime minister. That resilience, that relentlessness, that ability to carry the weight and the job really does weigh very heavily on people and he carries that weight very, very well.”
Jo Coburn: “NATO Secretary-General?”
Tom Baldwin: “I think that’s something that he would be interested in. I think it probably requires Andy Burnham’s government to support him in that and these are some of the questions which Andy Burnham has to resolve quite quickly.”