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Record Numbers of Millionaires Flee UK Amid Labour’s Socialist Tax Agenda – American Faith

Since Sir Keir Starmer’s Labour Party came to power last year, British millionaires have been leaving the country at an unprecedented rate, fleeing the punitive tax policies that have come to define Labour’s left-wing agenda. In 2024 alone, 10,800 millionaires with liquid assets exceeding $1 million left the UK—a staggering 150% increase from the previous year.

Labour’s plans to abolish the non-domiciled tax regime, which allowed wealthy individuals to keep non-UK income abroad in exchange for a fee, have triggered a mass exodus of wealth. This regime was a key incentive for high-net-worth individuals to base themselves in the UK, and its removal has been widely criticized as short-sighted.

Chancellor Rachel Reeves claimed the policy would raise nearly £13 billion over five years, but early signs suggest it will cost the UK far more in lost investment and tax revenue.

Adding to the chaos, Labour’s tax hikes and anti-business rhetoric have rattled bond markets and sparked alarm among business leaders. The consequences of these policies have not been limited to millionaires alone; farmers, pensioners, and ordinary taxpayers are bracing for higher costs and reduced opportunities.

Notably, 78 centi-millionaires and 12 billionaires departed the UK last year, according to New World Wealth, taking their investments and job-creating potential with them. Popular destinations for these wealthy individuals include Switzerland, Italy, and the tax-friendly United Arab Emirates.

The mass departure of the wealthy was widely predicted after Labour moved into Downing Street. Wealth advisors and non-dom representatives mounted an intense lobbying effort to warn against the policy changes ahead of the Autumn Budget, but Labour dismissed these concerns. Experts now say the UK faces a “tidal wave” of departures, leaving the country’s economy at the mercy of a shrinking tax base.

Labour’s push to tax the country into prosperity is backfiring, as the loss of wealth and investment weakens the very foundation of the economy. With businesses issuing warnings and the nation’s most successful individuals fleeing, the cost of Labour’s policies is becoming clear. Britain’s once-thriving economy is now at risk of stagnation under Starmer’s socialist experiment.

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