Another British multi-millionaire has announced his intention to leave the UK, attributing the decision to tax increases under the Labour government, which he asserts have plunged the nation into a 'vicious downward death spiral'.
Andrew Thirkill, described as one of the UK's wealthiest individuals and co-owner of financial services firm Sovereign Life, stated that the country cannot withstand another five years under Labour. He believes that under the current administration, success leads to increased problems for entrepreneurs.
Thirkill, whose net worth is estimated at £175 million, argued that millionaires have "no incentive" to remain in the UK due to what he characterized as Labour's "tax it, tax it, tax it" approach. He also criticized the government for "attacking" entrepreneurs and deemed the recent budget "uninspiring."
"Under this regime, you think to yourself, what am I doing it for? Because I'm going to just create a problem for my family if I'm successful," Thirkill said.
His potential departure follows a trend of high-net-worth individuals leaving Britain. Policies cited as contributing factors include changes to inheritance tax, increases in National Insurance contributions, rising minimum wage, alterations to business relief, and VAT on private school fees. According to the Bloomberg Billionaires Index, over £120 billion in individual and family fortunes has left the UK since Labour's election victory in 2024, with a significant increase in high-net-worth individuals departing.
Notable individuals who have reportedly left or relocated their tax residency include Shravin Bharti Mittal, son of Indian billionaire Sunil Bharti Mittal, who moved to the UAE with a substantial share of his family's fortune, and steel magnate Lakshmi Mittal, who established tax residency in Switzerland and now spends considerable time in Dubai.
Thirkill warned that if Labour continues its current fiscal policies, taxing business owners and suppressing aspiration, the country could face an economic downturn. "We just see nothing but gloom. It's just tax everything you can get your hands on. Tax it, tax it, tax it. It's demoralising," he stated.
In an interview with The Telegraph, Thirkill described the latest budget as a "disincentive" for business owners and indicated he would consider leaving the UK if he felt his wealth was at risk of being diminished.
Richard Fuller, Shadow Chief Secretary to the Treasury, expressed concern, stating that "alarm bells should be ringing in Downing Street" and emphasizing that the nation's talent is its greatest asset. He urged Labour to "get a grip" and cease discouraging individuals from striving for success.
John O'Connell, chief executive of the Taxpayers' Alliance, cautioned that the departure of millionaires results in significant tax revenue loss for the UK, potentially increasing the burden on remaining taxpayers to fund the welfare system.