More than three quarters of British voters are convinced that the chancellor will raise income tax levels later this month, polling has shown, as the UK experiences an exodus of millionaires.
A record number are now heading to the UAE, and Dubai in particularly, with the emirates experiencing a net inflow of 9,800 millionaires from around the world in the past year. A large chunk of that is Britons disenchanted with Labour’s decision to axe “non-dom” status, with a record 691 leaving in April after tax reforms took effect, a 79 per cent increase on 2024.
Chancellor Rachael Reeves gave a strong hint that Labour would break its manifesto pledge not to raise taxes on Tuesday, stating that “we will all have to contribute" to secure Britain’s economic future.
A YouGov poll released on Thursday showed that 77 per cent believe she will increase the levy after they were asked “from what you have seen and heard, do you believe Rachel Reeves will or will not raise the basic rate of income tax?” Just one per cent thought she would not.
Millionaire moves
“I know one billionaire who can afford to stay in England, and the rest of my wealthy friends have either left or are now making moves to go,” a multi-millionaire who moved to Dubai told The National.
The “high net worth individual” disclosed that many had fled to the emirates but other contacts were also seeking residency in Athens or Italy, which offer inducements for wealthy people to migrate.
But the person, who moved to Dubai last year, argued that the UAE was by far the most straightfor
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