Wealthy individuals threatening to leave the UK to avoid expected tax increases should “f— off,” according to Dale Vince, green energy tycoon and major Labour donor.
Vince, who has donated £5 million to Labour, dismissed as “profoundly stupid” the idea that higher taxes could harm UK entrepreneurship, asserting that those solely interested in low taxes are welcome to leave.
“If people only live here because they pay less tax, they should f— off,” Vince said. “This is a brilliant country. There’s no way people won’t live here because of a fairer tax system.” His comments come as Chancellor Rachel Reeves prepares to announce tax increases aimed at addressing a £40 billion fiscal gap in her Autumn Budget, with wealthy taxpayers likely to bear the brunt. Measures may include capital gains tax increases and inheritance tax reform.
Britain’s top 100 taxpayers contributed £3.9 billion in capital gains and income tax in 2022/23, making them a crucial target. However, new data indicates that over 6,000 UK millionaires are considering relocating to the EU by year-end to escape potential tax hikes. Among them is Charlie Mullins, the founder of Pimlico Plumbers, who has put his £12 million London penthouse up for sale, stating he plans to leave to avoid a financial “raid.”
While other prominent Labour donors like South African businessman Gary Lubner and Lord Sainsbury have remained silent on the tax debate, Vince stands firm, arguing for a fairer tax structure.
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