Millionaires leaving UK- are you concerned?

[anonhop]

Read today that 10,800 millionaires left the UK in 2024 which is equivalent in tax take for the government to half a million average tax payers. I don't think that factors in their reduced reliance on public services either.

Do you think this is concerning in terms of investment & spending in our economy?

I understand the moral arguments for the wealthy paying more tax but if so many are leaving, will it practically leave us worse off?

Curious to see what people think

@FreedomandPeace I imagined a lot of them would be paying corporation tax on business, CGT with buying & selling assets and spending heavily on a more expensive lifestyle in our economy, while using public services proportionately less.

Telegraph 🙄.

They are to politics what the Express is to weather.

Don’t worry, VAT on private school will pay for everything.

Reported in other papers too. The study has not been done by the Telegraph.

@TheYearOfSmallThings I know it's not a popular paper but in terms of the topic, are you concerned or do you think they've blown it out of proportion?

I’m concerned. I’ve been reading about it and being self aware enough to realise policies I once knee jerk agreed with are actually as destructive as more conservative types warned.

I'm also concerned by the massive recruitment freezes in response to changes in employer contributions. Own goals abound.

My son’s Christmas job usually results in virtually all of them being offered permanent part time contracts but this year they didn’t give out any and none of the kind of minimum wage jobs teens can apply for are being advertised.

What kind of millionaires?

Reeves is an idiot if she thinks wealthy people are not going to take action to protect themselves, so would I (if wealthy).

Jim Ratcliffe has said the life is being squeezed out of the UKs multimillion chemical industry too!
SMEs are taking a hammering financially.
She's not doing very well isn't Rachel, with her made up qualification.

@Wemaybebetterstrangers haha I don't think that policy will even pay for itself let alone anything else!!

Bit like the guardian..

Here’s the headliner

off now to see if there’s any information on how this may or may not have changed over time. Be back if I find anything 😁

I am equally concerned about this as I am about whatever weather apocalypse the Express is talking about today.

This is a useful number to put it in perspective.

And how long had those millionaires lived here and do they never intend to come back? Lots of very wealthy individuals work in a country fir a few years then move to another country for a new role then they may come back.

I don't think it is particularly worrying but could become so.

What do you plan to do about it OP? Are you looking to leave the country too?

Potentially I would be concerned but how many were paying "correct" taxes etc

@swallowedAfly I'm the same as you- of course it'd be good if they paid more tax here but I'm worried it's tipped too far

If only there was some cost benefit analysis!

The ones that arrived in as millionaires and have lived here

Not people born here apparently as there are no figures for that

@TheYearOfSmallThings fair enough! any reason why you aren't concerned? I'm just curious!

I'm definitely concerned about the ageing population, the lack of investment in public services & a shrinking tax base/falling birth rates.

@JoyousPinkPeer yes I don't blame people for doing what's best for them & their families as long as it's within the law.

I do blame politicians for the laws they bring in tho!

I was reading about lots of highest rate tax payers leaving too. I feel we’ve tipped over into ideology above economics and outcomes.

There’s a lot of Londoners who are asset rich but cash poor. Eg have a home worth £1m+ but earn a much more modest salary.

@wipeywipe yes I'm concerned about those things & we will need the taxes to fund these things...

We need millions to pay it though not just a few millionaires...

I genuinely hate to say it and sound right wing but it does feel like we’re being governed by the student union.