Rachel Reeves’ millionaire exodus was the same as losing half a million taxpayers

Rachel Reeves mislaid retired connected the equivalent of 529,200 taxpayers past year. (Image: Getty)

Nearly 11,000 millionaires fled the UK to overseas countries past year, which was the equivalent to losing fractional a cardinal taxpayers, according to caller research.

The fig stands astatine treble the magnitude who near successful 2023, arsenic affluent Brits near to debar Labour’s tax-heavy Budget.

2024 saw 10,800 millionaires debar Rachel Reeves’ taxation raid connected businesses, non-doms and backstage schools. The Chancellor’s October Budget saw £40 cardinal of taxation hikes which sparked a wider illness successful concern assurance arsenic investors warned of a “debt decease spiral” this week.

New investigation by the Adam Smith Institute (ASI) shows each millionaire who near Britain past twelvemonth would person paid astatine slightest £393,957 successful income taxation per year. This is equivalent to 49 mean taxation payers’ income tax, totalling to a nonaccomplishment of 529,200 people.

10,800 millionaires fled the Chancellor's Budget successful 2024. (Image: Getty)

Andrew Griffith, the shadiness concern secretary, told the Telegraph: “Our entrepreneurs and businesses are fleeing this socialist Government’s taxation raid successful droves.

“This probe shows that Rachel Reeves’s Marxist maths has enactment the system successful existent information of drowning successful Labour’s tepid bath of decline. Unless she changes course, each payer volition beryllium getting soaked arsenic a result.”

Millionaires are leaving up of the non-dom taxation authorities taking effect successful April. Instead of being wholly exempt from paying taxation connected wealth made abroad, affluent individuals volition person a 4 twelvemonth bounds connected this.

The 20% VAT summation connected backstage schoolhouse fees, introduced earlier this month, has besides seen families permission with respective schools claiming they are closing owed to the hike.

Shadow concern caput Andrew Griffith warns the system is successful a "tepid bath of decline" (Image: Getty)

This week, billionaire Bridgewater laminitis Ray Dalio warned Labour that the UK is heading for a “debt decease spiral”. He said the turbulent UK enslaved market, known arsenic gilts, person sharply accrued the outgo of authorities borrowing.

The hedge money tycoon has blamed Rachel Reeves’ Budget for the struggling UK economy, saying the operation of rising involvement payments and higher borrowing needs volition pb to a cyclical issue.

Mr Dalio told the Financial Times “looks similar a indebtedness decease spiral successful the making due to the fact that it volition either necessitate much borrowing to work the indebtedness that volition person to beryllium serviced, compression retired different spending, oregon necessitate much taxes."