It only makes sense, if you are rich you want to preserve your assets. Since 2017 thousands of wealthy families have left Britain because of the Treasury’s economic policies. Thousands more are preparing to leave now.
Once the wealthy leave Britain, who will pay the taxes to furnish the immense benefits social care bills and NHS? Socialism requires money from somewhere, and usually that money is siphoned off the rich, but if the rich aren’t putting up with high taxation anymore, then the socialist system eventually crumbles. Socialist systems depend on using other people’s money, but when that dries up — the system is fucked.
Britain’s internal infrastructure is completely geared towards the socialist ideology, even when a so-called Tory government is in power.
Chancellor Rishi Sunak has frozen income and inheritance tax thresholds for four years, dragging a record number of earners and more estates into higher bands. Losing the wealthiest individuals is damaging for an economy built on socialism and the public finances as top contributors to tax revenue depart.
The top 1pc of earners paid 28pc of income tax and national insurance combined in 2018/19, up from 25pc in 2009/10, according to the Institute for Fiscal Studies. It estimates that the top 0.1pc pay at least 10pc of all income tax while the highest 1pc of earners account for a third.
As spending pressures rise, the Chancellor is raising the tax burden to levels last seen in the late 1940s under Clement Attlee’s Labour government. The Office for Budget Responsibility expects taxes to rise to 36.3pc of GDP by 2025-26.
If Boris had any balls, he would dump Sunak, and bring in someone who understood that growth only occurs with lower taxes.
This is why the wealthy are leaving.
