There has been another confirmation that Team Burnham is pursuing an Exit Tax. From Tim Shipman’s Spectator column:
“A Burnham adviser says O’Neill and Haldane’s presence is important, not just for their ideas but because of the credibility they bring. ‘They give you blue-chip credentials to do different things in government. They give you the air cover that you need with the establishment to actually think differently. You can have a different fiscal rule set-up, you can have a different regionalism agenda.’ At the micro level, there is talk of equalising capital gains tax rates with income tax, and charging an exit tax for billionaires who leave the country, but whether Burnham has decided on these measures is unclear.”
Burnham’s people have failed to quash rumours of such a tax, which would likely tax the unrealised capital gains of those who emigrate. Basically a tax on inflation…
There is also confirmation there for those who had doubts that Haldane and O’Neill’s presence on Team Burnham is just cover for more leftist policymaking.
If an Exit Tax were to be imposed many entrepreneurs just wouldn’t start a business in Britain. Those that did wouldn’t be able to attract international talent while others would leave quickly, while valuations were still low to build their business elsewhere. Not to mention everyone leaving prior to the Budget at which it is implemented…
Speaking at his speech on how to achieve “progressive capitalism” Wes Streeting fired a dig and Andy Burnham:
“Bond markets are not bond villains and fiscal rules matter.”