Exodus of the millionaires: As the small boats come to Britain, the small planes are heading the other way thanks to Labour. And it's going to leave us ALL poorer, reveals ROBERT HARDMAN By Robert Hardman for the Daily Mail Published: 21:14 EDT, 26 September 2024 | Updated: 21:14 EDT, 26 September 2024 e-mail View comments Peter Ferrigno has a number of clients who are planning to go away during next month's half-term break – and, thus far, they only have one-way tickets. They will decide when, or indeed if, they are going to bother returning to Britain on October 30.
For that is the day that Chancellor Rachel Reeves unveils her Budget plans for filling the £22billion 'black hole' that she claims to have found in the public finances. And, given Labour's unceasing rhetoric about piling fresh taxes on the very wealthy, many of Mr Ferrigno's clients may not be coming back. He is a senior tax adviser at Henley & Partners, the international relocation experts.
His clients are financially savvy, top-end taxpayers – among the 1 per cent who routinely pay 30 per cent of the Government's income tax receipts. Many of them also live international lives and are extremely mobile, a factor which Ms Reeves and her commissars do not seem to have factored into their sums. For the juiciest turkeys are not going to sit waiting for Christmas .
And when the wealthy disappear, Ms Reeves does not just miss out on the extra tax income she was expecting – she also loses the taxes they were pre.
