London’s Millionaire Exodus Is Why We Need Deeper Ties With EU – Guido Fawkes

Lisa Nandy: London’s Millionaire Exodus Is Why We Need Deeper Ties With EU

London has dropped out of the top five wealthiest cities in the world, suffering the second-biggest millionaire exodus (12%) globally in the last ten years – only Moscow lost more. According to a study by New World Wealth for Henley & Partners, the capital has haemorrhaged 30,000 dollar millionaires over the last decade. A staggering 11,300 bolted in the last year alone. That’s over a third fleeing while Labour ramped up plans to whack high earners and kill off non-dom status…

Pressed on Sky News about the damning report, Culture Secretary Lisa Nandy naturally pointed the finger at Brexit, using it to plug Labour’s dreams of cosying up to Brussels:

“The report points to a variety of factors that have led to that, most specifically Brexit, and one of the things that we’re committed to doing as a government is making sure that we get a far better deal with the European Union that makes sure that we can continue to support British business.”

The people who actually wrote the report mainly blamed the UK’s uncompetitive tax regime. New World Wealth’s head Andrew Amoils said:

“Capital gains tax and estate duty rates [IHT] in the UK are amongst the highest in the world, which deters wealthy business owners and retirees from living there. It’s worth noting that most of the companies on the FTSE 100 were started by centimillionaires, so the loss of these individuals has a massive impact on an economy.”

So not ‘specifically’ Brexit then. Meanwhile, Starmer’s planning major concessions in a new EU ‘reset’ deal next month. Any excuse to edge the UK closer to rejoining the bloc…