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Great Britain – elections 2024. Risk of a great exodus of millionaires after tax reform

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In 2024, a record number of millionaires may leave Great Britain, foreign media write. People would be “forced” to leave the Croesus Islands primarily by the tax reform announced by the Labor Party, which is leading in the polls. The upcoming electoral decision may significantly reduce the attractiveness of the country, which was once a promised land for the richest.

According to estimates included in a report by the consulting company Henley & Partners, as many as 9,500 people with at least one million dollars in liquid assets that can be quickly converted into cash will leave the country this year. This is more than twice as much as in 2023.

Great Britain is becoming less and less attractive

“Britain is becoming less and less attractive to wealthy people,” wrote Hannah White, director general of the Institute for Government, in a report. “The consequences of Brexit are still felt, and the City of London is no longer perceived as the financial center of the world,” we read.

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Of the 15 places where the most millionaires live, Great Britain will almost experience the largest exodus. Only with China more rich people will leave, 15,200 in 2024.

“The impact of Brexit, which ended the free movement of people between the UK and the European Union and created new barriers to trade and investment, as well as the impact of other economic shocks such as the war in Ukraine and the resulting increase in energy prices, has been compounded by the period unprecedented political uncertainty,” CNN describes.

The UK has had five prime ministers since 2010, including Liz Truss's 45-day term in 2022.

Millionaires are worried about their fortunes

Now, millionaires see further risks on the horizon, as a result of which their fortunes may be reduced. Keir Starmer's Labor Party, which is ahead of Prime Minister Rishi Sunak's Conservatives by around 20 per cent in pollshe no longer intends to indulge the richest in this way.

The Labor Party announces the introduction of tax solutions that may damage the wealth of the rich. After coming to power, the party will, among other things, abolish the 20 percent tax tax relief for private schools, thanks to which teachers' positions in the public sector will be financed. Moreover, loopholes in tax regulations that allow people to avoid paying taxes are to be closed.

Whatever the results of the July 4 election, one couple will definitely not be leaving the UK. This is Rishi Sunak, the prime minister, but also a millionaire and former hedge fund manager, and his wife Akshata Murty, the daughter of an Indian technology billionaire. Their combined fortune is worth £651 million, according to The Sunday Times Rich List, making them richer than King Charles.

Sunak said last week that he would if re-elected as an MP in his northern constituency Englandhe will serve for the entire term, even if his party does not take power.

Main photo source: Shutterstock

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