Prominent British entrepreneurs and Rich List members have issued a stark warning to Chancellor Rachel Reeves, claiming her proposed tax hikes on capital gains and inheritance will cripple family businesses, fuel an exodus of wealth creators, and trigger an “existential crisis” for UK enterprise.
In the wake of the latest Sunday Times Rich List, which revealed a record drop in the number of British billionaires, industry leaders are urging the Chancellor to rethink her approach — warning that her tax policies are already driving investment, talent and businesses abroad.
The Rich List recorded 156 billionaires, down 21 from the 2022 peak, and nine fewer than last year. It also revealed a 3% decline in total wealth across the top 350 entries, bringing combined fortunes to £772.8 billion — the third consecutive annual drop, something never before seen in the list’s 36-year history.
Among the most vocal critics is Tony Langley, head of the £1.7 billion Langley Holdings, who condemned a proposed 20% tax on family business transfers exceeding £1 million as a “catastrophic blow” to long-established firms.
“You’re killing the goose that lays the golden eggs,” said Langley. “Family firms employ 14 million people and are the backbone of the UK economy. Many don’t have the cash to pay such taxes — they’ll be forced to sell to private equity, with job losses to follow.”
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