Under Failing British PM Starmer, a Millionaire Leaves the UK Every 45 Minutes – Almost 11K High Net-Worth Individuals Fled Labour Party’s Tax Raid in 2024

After 14 years of frankly disappointing governments by the Conservative party in the United Kingdom, former Prime Minister Rishi Sunak decided to call for a snap election – and it saw the leftist Labour party come to power with a major victory.

Ever since then, under the already-failing ‘leadership’ of Keir Starmer, Britain has had to bear the brunt of a multitude of crippling policies, not the least of which is the Labour government’s tax raid.

The catastrophic results are out for everyone to see: in 2024, no country except for China saw greater capital flight than the United Kingdom.

On average, one millionaire left Britain every 45 minutes.

Read: THE INCREDIBLE SHRINKING PREMIER – Labour Insiders and Even a Minister in His Cabinet Throw UK’s Starmer Under the Bus – ‘Has No Plan’, a Government of ‘Drift and Dysfunction’

The Telegraph reported:

“The UK lost 10,800 millionaires to overseas countries last year, more than double the number in 2023, according to new data. The wealth exodus equates to 30 millionaires leaving a day – approximately one every three quarters of an hour.

It comes as Labour plans to abolish centuries-old tax laws that allow foreign investors to reside in Britain while sheltering offshore wealth from domestic taxes.”

High net-worth individuals – with liquid assets of more than $1m – are leaving the Kingdom 157% faster in 2024 – almost 11k millionaires, compared to a little over 4K in 2023.

Italy has become one of the most popular destinations for the escaping millionaires, as well as Switzerland, United Arab Emirates, the United States and Singapore.

“New World Wealth said that 78 centi-millionaires, someone who has assets of 100 million, and 12 billionaires left the country last year.”

Read: WATCH – Anti-Starmer Holiday Parody Song ‘Freezing This Christmas’ that Criticizes Fuel Cuts for Pensioners, Reaches Top of the Charts in the UK – but BBC Still Won’t Play It

The Labour party plans to change tax rules that currently allow rich individuals to live in the UK without being liable for taxes on income and gains earned abroad.

“Figures published by His Majesty’s Revenue and Customs (HMRC) from 2023 show that there were 74,000 non-doms in the UK, with 37,800 of them having lived in the UK for at least seven years, and paid a £30,000 annual fee to shelter overseas wealth from domestic taxes.”

The new rules give new non-doms coming to Britain four years in which their money abroad is not subject to domestic taxes.

After that, they will pay the same tax as a British taxpayer.

“Existing non-doms will be given a two-year transition period to the new scheme. Foreign earnings will also face the threat of inheritance tax. The tax raid is projected to generate £2.5bn a year for the next five years, according to figures from the Office for Budget Responsibility.”

Read more:

Failing British Prime Minister Starmer Refuses to Guarantee That Rachel Reeves Will Remain Chancellor Amid Bond Yields Rising, High Inflation and a Sinking Sterling Pound

The post Under Failing British PM Starmer, a Millionaire Leaves the UK Every 45 Minutes – Almost 11K High Net-Worth Individuals Fled Labour Party’s Tax Raid in 2024 appeared first on The Gateway Pundit.