Socialist Labour bitter push for an Exit Tax ignores the fact that no one will come here either
16,500 wealthy individuals leaving in 2025 and it's due to get worse. Rather than make an attractive environment for wealth creation, MPs think that 20% Exit Tax is the right way forward.
The Labour government and Green Party MPs are continuing pushing their insane socialist policies now floating the idea of an Exit Tax to sting millionaires and billionaires who decide to leave the United Kingdom. This comes as reports confirm a significant outflow of high net worth individuals amid higher taxes, the scrapping of non-dom rules, and a hostile attitude towards entrepreneurship and success. The proposal aims to capture capital gains and assets as these people depart, but it risks turning Britain into an economic no go zone for anyone with ambition or means.
Data from Henley and Partners shows Britain lost a net 10,800 millionaires in 2024, with forecasts pointing to 16,500 leaving in 2025, the highest outflow of any modern country. Business Secretary Peter Kyle has openly admitted that Labour tax rises, including non dom changes, are partly to blame for some wealthy individuals relocating. High profile cases, such as steel tycoon Lakshmi Mittal, underscore the trend. Even Cabinet ministers acknowledge the link between policy and departure. This is not speculation. It is happening, driven by a business environment that punishes achievement rather than rewards it.
Personally I now know of 5 individuals who have left the UK directly due to this labour governments policies. One guy has a brilliant AI concept with multiple investment offers but he has been forced to the USA where entrepreneurship is positively encouraged, not punished and no anti business sentiment as back here in the UK. Its such a terrible loss and that is the top of the iceberg.
Demonising success fuels the flight
Labour and Green voices portray the wealthy as a problem to be solved through higher taxes and wealth levies. Green Party figures have dismissed concerns about the rich leaving as absurd, despite the evidence, while pushing for a one per cent tax on assets over 10 million pounds and two per cent above one billion. This rhetoric frames success as something to penalise, ignoring that these individuals generate jobs, investment, and revenue. The constant attacks create a toxic climate where entrepreneurs feel unwelcome. Britain once attracted global talent. Now it repels it through envy driven politics.
An Exit Tax would make matters worse, not better
Introducing this ‘settling up’ charge, reportedly around 20 per cent on unrealised gains for those departing, would not stem the tide. It would accelerate it. Wealthy people plan long term. They see the writing on the wall and move assets and families before traps close. Britain, trillions in debt, the economy failing, unemployment growing, inflation increasing, but still this government continues to grow its anti business stance. The tax would deter not only leavers but also potential arrivals.
Why risk building wealth here if the state claims a cut on the way out as well as taxes all along the line? This is self defeating. It treats high achievers as prisoners rather than partners in national prosperity.
The Dubai trap highlights the financial prison mentality
British citizens based in Dubai and the Gulf now face another barrier. As conflict prompts some to consider returning, HMRC rules under the five year temporary non residency provisions mean they could owe tax on gains realised abroad if they re establish UK residency too soon. Reports confirm wealthy expats are bypassing Britain entirely, heading to Ireland or France to avoid bills running into millions. This is no exaggeration. It turns a humanitarian or practical move into a punitive tax hit. The message is clear.
Even in the current crisis with Iran, Britain tries to extract every last pound from those who once contributed here. No other major economy treats its own people with such suspicion upon return, which is why they are diverting to other countries who welcome them.
The UK Economy relies on these wealth creators
Britain needs its millionaires and billionaires. They do not simply hoard wealth. They deploy it productively. Bullet points illustrate the scale:
They spend millions locally on homes, services, expensive cars and luxury goods, supporting high street retailers, builders, and tradespeople.
They employ staff directly in households and businesses, from gardeners and domestic help to specialist professionals.
They launch and expand companies that create thousands of jobs and pay substantial corporation tax and national insurance.
One wealthy individual contributes more in taxes than hundreds of middle income earners combined.
Without them the burden shifts squarely onto nurses, teachers, doctors, firefighters, and other middle class professionals. Public services suffer as the tax base shrinks. The middle class cannot plug the gap left by high net worth departures. Economic reality demands growth through enterprise, not redistribution through punishment.
Global rivals offer welcoming alternatives
As mentioned earlier, countries such as the United States under Trump are rolling out low tax, pro business policies that actively court talent and capital. Italy, Spain, and the UAE provide competitive regimes with fewer regulations and friendlier attitudes towards success. Britain competes in a global marketplace when you look at it from the levels of wealth we are talking about here. When it demonises wealth creators while rivals incentivise them, the outcome is predictable. Money and talent flow to opportunity, not ideology.
Restore Britain offers the only sensible path forward
This anti wealth agenda from Labour and the Greens will only deepen Britain’s economic woes. It accelerates departures, deters arrivals, and loads ever higher taxes onto ordinary working families. The solution lies in a radically different approach, one that rewards grafters and builds a competitive economy. Restore Britain has the policies to deliver exactly that. Abolishing inheritance tax entirely removes the penalty on passing success to the next generation, in a recent interview Rupert clearly started that once anyone has paid their due taxes, they can do with it as they please without interference from the state.
Slashing corporation tax to the lowest rate in Europe would make Britain a magnet for investment and jobs. Scrapping IR35 ends the bureaucratic assault on entrepreneurs and small businesses. These measures, outlined clearly in Restore Britain’s economic plan, would reverse the exodus by creating freedom and fairness.
Rupert has repeatedly stressed that Britain must become globally competitive while ensuring wealth generated here benefits British people first. No more punishing success. No more financial prisons. Restore Britain would restore the incentives that once made this country a powerhouse, delivering real growth that lifts everyone rather than driving the best and brightest away.