A finance expert who is a millionaire has warned the UK is starring at an “economic disaster” thanks to the Chancellor’s decisions she has made during her Autumn Budget.
During the Autumn Budget last October Rachel Reeves made a series of tax changes and abolished the non-dom tax status which has seen thousands of millionaires leave the UK, taking their money with them.
Speaking to GB News Dr Ann Kaplan Mulholland said that the Chancellor’s decisions has seen “10,800” wealthy individuals flee the UK.
Mulholland told GB News: “In an era right now where we’re facing the highest taxes since World War two, where England is facing really on the verge of an economic disaster, that for the wealthy like us that are really having no choice but to leave the country, and that’s 10,800 that have left since this announcement was made.
“There’s only about 40,000 wealthy, 72,000 non-dom residents in the UK. But instead of making it difficult for us to say and double taxing us on worldwide income, why not charge us fees bees, just like all the other countries are doing.
“They’re charging us fees, for instance, to Italy of 200,000 a year.
“So if you do the math and you were to charge non-dom wealthy, tax paying residents that are putting investing into the infrastructure in the UK charges, you would get $7 billion of income from us if you just charged us £200,000 a year and then made us invest in infrastructure.
“This could be a solution, part of a solution to what is going on in the economy.
“And that’s probably why I feel so compelled to speak out about it, because being a doctorate in finance, understanding the markets, that we’re okay, we have legs. We can leave. But where does that leave the UK?”
Armand Arton, Founder of Arton Capital, said, “The Government has its work cut out to reassure wealthy citizens that it does not wish to create a hostile regulatory and tax regime for its most upwardly mobile citizens.”
Last October Charlie Mullins the founder of Pimlico Plumbers has warned that the Labour government will penalise “the wrong people” by raising taxes.
In September 2024 Mullins delivered a very stern attack on Labour and the Treasury, saying he is moving his millions out of the UK.
In 2023 Mullins sold Pimlico Plumbers for £145 million and over the years he has paid more than £120 million in taxes.
Mullins said his “ambitions are better rewarded and appreciated” in other countries and certainly not in the UK under a Labour government, which will be an enormous blow to the Treasury as many thousands are to follow.
Mullins added, he is moving overseas to “protect his assets for him and his family.”
He warned that Labours plans are “crazy” as they will “drive more millionaires” out of the UK by raising the tax rate.
He warned, “It’s a crazy idea, and it would drive more and more millionaires, I believe, more millionaires going to leave the UK than any other country in the next few years. And already 10,000 will be leaving this year.
“Labour need to re-look at it and come up with another idea to raise money rather than penalising wealthy or successful people. They despise wealthy people.
“[Labour] obviously must understand what they’re doing but they’ve always despised wealthy people. They’re socialists, and they need to just change their plan, or they’re going to bankrupt the UK very quickly.
“We need to be giving incentives to people to stay, not penalising them to leave and raising taxes.”
