The flight of the millionaires will impoverish Britain

Steel magnate Lakshmi Mittal is considering leaving the UK because of the Labour government’s abolition of the ‘non-dom’ tax regime. This confirms that Keir Starmer’s politics of envy is successfully destroying the British economy.

Mittal would join tens of thousands of millionaires and billionaires – British and foreign – who have already abandoned Britain to avoid paying even more tax: all of them ranked among the 1 per cent of British residents, contributing 29 per cent of all the taxes raised by HMRC.

These tax exiles had been willing to pay fair taxes, but many baulked at Starmer’s decision not only to tax their offshore income but also their foreign-based pensions and trusts. Worse, Starmer’s increase of capital gains taxes, inheritance taxes and now the threat of a confiscatory wealth tax is the final straw. Some estimate that more than 100,000 millionaires are planning to flee Britain. Tax lawyers and accountants describe themselves as overwhelmed by rich clients anxious to leave Britain completely by the end of the month to deny HMRC any more money.