New research has revealed that the net worth to depart Britain in the last two years totals more than £200 billion. Good luck to HMRC!
The Tax Reform Council has produced research showing that, while there is no official measure of wealth taken abroad by leavers, estimates range up to £250 billion. Figures have ranged from £100-£150 billion so far…
27,300 liquid millionaires are estimated to have left already since Labour came to power – adjusting for property, private businesses and other non-liquid assets produces a total of between £200 and £250 billion gone. Around £110 billion is identifiable from public exits, for example:
A spokesman for the Tax Reform Council said:
“The sheer scale of wealth transfer out of Britain in just two years is truly astounding. Unfortunately this is a trend that is not only likely to continue but may well accelerate.
Moreover, the wealth that has departed will be growing elsewhere, just not in Britain. Those who would otherwise have stayed to build their businesses will be doing that in other countries and fewer will arrive to build wealth here. In the long run this is probably the most significant factor.”
A tragedy…
Kemi Badenoch at the 1922-ConHome bash last night:
“I did praise [Burnham] for his stamina, it was amazing. All I had to do was sit back and lie there. I didn’t have to do anything at all…”