Lovely in theory. What you'll almost certainly find in practice is the rich will leave the country and the government will end up with less money overall. Happened here in the 70s, happened in France 10 or 15 years ago, there are already stories in the papers about millionaires leaving the country.
I just don't care. This is a serial blackmail the rich hold over us. They can leave but just put a tax on their assets leaving with them. They'll stay.
I won’t be staying up for the results but I’m hoping to see a few short videos of Laura Kuenssberg reaching for the tissues as her beloved Conservative Party takes a beating. Others will be reaching for the tissues for a different reason.
This is just fantasy. It takes time to get legislation through parliament and into force. Announce you're doing that and more of the rich will leave and faster. And that's if the idea is even legal. There could well be international agreements that prevent it and I've no idea what the arrangements are between the UK proper and lower tax regimes like Jersey, Guernsey, the Isle of Man etc
I’m hoping there is a way she can be moved on. Having such a partisan hack in that role was always an outrage. It was one thing when she was effectively propaganda minister for Boris Johnson. This would be something else No doubt she will suddenly remember what he job actually is. Although she has remembered recently - but only the last few weeks
Yeah, of course. But rich people get rich from the UK. They don't make the ordinary people richer. There is no trickle down. It is all trickle up. So they can **** off. Most rich people already have their money squirreled away from the tax man.
I think the idea that they will all just flee is also a bit of a fantasy as well. I believe both the rich and businesses threatened to leave under Blair. They didn’t. It’s all bluster and blackmail The super rich don’t actually want to live in jersey and the Isle of Man. They don’t even really want to live long term in places like the caymans. They are boring places. Lots of them seem to want to be in London. They can’t all go to New York. So I would lean more towards suggesting it is just attempted blackmail by the super rich
Stories in which papers? Ah I thought so. The ones that are terrified of people paying taxes in proportion to their wealth and not having as many loopholes. The ones owned by people with non-dom status who don’t pay the right amount of tax anyway. https://www.lse.ac.uk/News/Latest-n...k-for-boring-and-culturally-barren-tax-havens
Like the Guardian? In fairness this isn't a new phenomenon. The rich may not want to move to a tax haven but they don't need to leave for a tax haven as such. They can just go somewhere where the tax regime suits them better. Or where there isn't a wealth tax. America for example. Probably much of Europe. It's happened before. You can easily look up all the film stars and rock stars who left the UK in the 60s and 70s because of high taxes (they weren't the only ones but their profiles are higher so easier to find). You can listen to Taxman by the Beatles. And it's much easier to move around the world now than it was back then. As I mentioned before, Francois Hollande introduced a "supertax" on the wealthy in France in the 2010s. Loads of the rich left so he was forced to abandon it.
Between the Brexit vote and 2023, 17,500 millionaires, NET, left the UK. I would say the biggest thing impacting millionaires and whether they stay in the country, is how well the country is run. Our country has been an absolute disaster for a long time. Any millionaires who leave because having three houses across England and two in France just isn't enough... they can go. Bye bye!
The likely new government have stated during the campaign and before they aren't making any promises that can't be fully costed e.g. 2.5% defence budget when it can be paid for. A far more responsible approach than the current incumbents or other nonsensical manifesto promises.
America has had a more generous tax system towards the wealthy forever - and these people haven’t gone yet. Film stars and rock stars? That’s a different argument to what the anti tax brigade try to make. They usually claim that “job creators” and their businesses will leave. As a threat / blackmail as discussed
