One in four of wealthy Brits are thinking of fleeing the UK ahead of Reeves’ budget, according to a survey by wealth manager Saltus. They point to increases in IHT as well as VAT on private schools. They are also bracing for further tax hikes at the budget…
Saltus partner Mike Stimpson warned:
“Whether it’s capital gains tax, income tax or inheritance tax, high net worth individuals are braced for further changes at the autumn Budget. This cohort are the wealth creators, investors and employers who drive economic growth. If their confidence is undermined by continual uncertainty, that has consequences for everyone.”
Meanwhile, private sector job vacancies dropped by 2.1% year-on-year in August, according to jobs search engine Adzuna. At the same time companies expect private sector activity to fall in the next three months, according to the CBI. Things can only get worse…
Starmer loyalist and Housing Secretary Steve Reed told Sky News that Starmer should not be replaced:
“We saw what the Tories did. They were in power for 14 years, and after 2016, I think we had nine education secretaries, seven chancellors, and five Prime Ministers. Doomscrolling through Prime Ministers doesn’t resolve the problem.”