London has witnessed a significant exodus of millionaires, losing over 30,000 since 2014, with more than 11,000 in the past year alone. This mass departure has financial implications parallel to losing 1.5 million taxpayers due to the high tax contributions of these individuals. Factors contributing to this trend include increased taxes, Brexit-related uncertainties, and economic policies like the crackdown on non-domiciles initiated by Chancellor Rachel Reeves. Political figures criticize these policies for driving wealth creators away from the UK and potentially harming the economy further.
The exodus of millionaires from London has led to substantial revenue loss, with an estimated shortfall equivalent to 1.47 million average taxpayers leaving the country.
Recent tax rises and economic uncertainty have encouraged a significant number of millionaires to leave the UK, with over 30,000 migrating since 2014.
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