Reeves’ tax hikes are ‘death blow to London,’ Britain’s richest warn
Chancellor Rachel Reeves is under renewed pressure as Britain’s top business leaders and entrepreneurs blasted her economic agenda following The Sunday Times Rich List revealing a record drop in the country’s number of billionaires.
Reeves’ crack down on “non-dom” status has accelerated an exodus of leading business bosses fleeing the UK to avoid the Chancellor’s tax changes.
This year’s Rich List recorded 156 billionaires, a slump of 21 from its peak in 2022 and a decline of nine from last year.
Hotelier Sir Rocco Forte, chairman of Rocco Forte Hotels, warned Labour’s “anti-growth” policies “will take Britain back to the 1970s,” as reported by The Times.
Meanwhile, British industrialist Tony Langley said: “Think again Rachel, not are you only sticking the boot into the owners of businesses that are the backbone of the economy and pay yours and more than six million other public-sector salaries.”
He warned the Chancellor: “You are killing the goose that lays the golden eggs.”
In the 350 Rich List – those worth £350m or more – combined wealth dropped by three per cent to £772.8bn.
Christian Angermayer, a German-born investor, recently ditched London in favour of Switzerland due to changes to the non-dom regime
Angermayer said the Chancellor’s tax changes were a “death blow to London.”
Reeves risks watching ‘top talent walk’
In her maiden budget, Reeves raised taxes by an eye-watering £40bn.
Changes to employer’s national insurance from 13.8 per cent to 15 per cent led to business confidence plummeting as firms braced for the tax hikes that came into effect in April.
Reeves also altered inheritance tax relief for businesses and agricultural assets, with a cap at £1m.
Sir James Dyson, inventor and founder of Dyson, branded the policy a “tax grab” and warned it would tear through “the very fabric of our economy.”
Tech mogul Barney Hussey-Yeo, who reached a net worth of £161 million at just 35, said: “Scrapping entrepreneurs’ relief, abolishing non-dom status and hiking capital gains tax was reckless.
“The UK must compete or watch its top talent walk.”
Top names have already headed for the hills since Reeves controversial budget.
Last month, City AM revealed Richard Gnodde, Goldman Sachs’ vice chairman, was moving to Milan to avoid the Chancellor’s non-dom changes.