In a move that has surprised no one except the Left’s most ignorant economists, the UK’s ‘tax the rich’ budget solution to over-spending on migrant welfare and Net Zero has resulted in an exodus of millionaires and billionaires.
Socialism, or ‘fair and equitable tax reform’ as it is known in champagne-sipping circles, assumes rich people will sit around and do nothing as their bank accounts are ransacked by the Treasury.
Despite footing the bulk of the tax bill, the UK’s richest have been misused as scapegoats to explain the spread of poverty.
Wealth redistribution is afoot.
That much is true.
However, the thieves of private capital are the government and its incestuous corporate partners – not the average millionaire on Mayfair.
This is a problem for Rachel Reeves, Chancellor of the Exchequer.
(Oh, how quickly those First Female Chancellor of the Exchequer in 800 years! headlines have vanished…)
According to a report by Henley & Partners, 16,500 millionaires are set to walk out on their abusive relationship with the UK in 2025.
The UK is losing rich people faster than any nation on Earth.
£66 billion worth of collective assets…
This behaviour is rarely seen except in times of war, and perhaps that is exactly what this is; Socialism has gone to war against capitalism and capitalism said, ‘See ya!’
‘The long-term implications for Europe and the UK’s economic competitiveness and investment appeal are significant,’ said the Henley & Partners CEO. ‘[There is a] deepening perception among the wealthy that greater opportunity, freedom, and stability lie elsewhere.’
The same group has predicted 142,000 millionaires across the world will go country-shopping.
Consider the catastrophe.
Capitalists are more afraid of the UK Labour government than communist China and Russia.
Where are they heading? The UAE, primarily, which is waiting for their wallets with open arms and low taxes.
The current financial status of the UAE serves as a working proof that lower taxes and a focus on reward rather than punishment for success leads to more wealth for both individuals and the State.
Yet here we are in the West, saddled with left-wing governments across the board, who cling to their university delusions that punishing earners leads to capital growth instead of a nation of citizens who have given up on the dream of prosperity and decided to languish along the poverty line at the expense of others. Why not? Who wants to work three jobs so foreigners can live in luxury? No one.
There were lots of straws piled on the metaphoric camel in the UK, but the last few are considered to be the extinction of the non-domicile tax regime and vicious ratcheting of inheritance taxes which treat generational wealth as a grave-robbing exercise.
It’s an idea that Australia’s Labor Party is warming up to… There’s nothing socialists enjoy more than picking over the corpses of citizens, emptying the pockets of the deceased, and leaving their children to live as paupers.
For the Left, everything a person earns belongs to the government and is merely rented until death. Preventing families from accumulating collective wealth is an old idea, popularised in Ancient Rome where wealthy houses were seen as threats to the government. Our government is not worried about a rich family raising an army, but they do not want the average person living independent of the political system (which operates as an invisible prison of regulation rather than a protective network of law).
Returning to the UK.
As soon as the rich heard their global assets would fall within reach of the Treasury, they walked.
Some of them probably headed down to Dover and asked the people smugglers if they had any room on the zodiacs for the return trip to France.
What happens to the UK finances when millions of unskilled welfare recipients flood in while millionaire taxpayers flee?
What happens to the remaining working and middle classes who lack the resources to leave?
Congratulations if you voted Labour. You made a terrible mistake.
When Keir Starmer’s government said it would ‘tax the rich’ it meant ‘the richest of whatever’s left’ … which will soon mean the miserable masses.
The only capitalist Western country taking advantage of this situation is Donald Trump’s America.
The President deserves credit for his earlier Executive Order for a Gold Card (instead of a Green Card) welcoming the West’s disaffected rich. We are going to see America experience a wealth surge as Trump rebalances the scales by kicking out illegal migrants and encouraging ‘America First’ industry.
Following the news, Rachel Reeves put out a rather desperate-sounding tweet:
‘We are home to some of the most innovative businesses in the world. Our Industrial Strategy will ensure they can thrive. That means more jobs, more opportunities, and more money in people’s pockets.’
The Chancellor of the Exchequer was ratioed by furious business owners.
Economic conditions are crashing and Labour’s response is to desperately raise taxes to maintain revenue. A bit like sawing holes in the back half of a ship to raise the bow and give the people at the front an extra five minutes above water.
Headlines today about the ninth richest man, shipping tycoon John Fredriksen, leaving for the UAE will not be the last.
‘It’s starting to remind me more and more of Norway. Britain has gone to hell.’
According to The Standard, Mr Fredriksen also said: ‘The entire Western world is on its way down.’
Despite having front-row seats to the demise of our parent nation, Anthony Albanese and his Green Wing have decided not to learn any lessons.
Why isn’t Kinder Capitalism Jim Chalmers being asked about the risk of Australian wealth migrating if he continues with his high-taxing ‘revolution’?
Raiding people’s super is only the beginning.
Plenty of his thought bubbles are genuinely terrifying for anyone that dreams of living a stable economic life away from the constant terror of the tax man dragging them down to the grave to be stripped and discarded.
Two weeks ago, The Daily Mail said an inheritance tax for Australia is ‘inevitable’.
Here is my message to Jim Chalmers: When I die, I would rather burn my money than give it to you to waste on vanity projects that do nothing but destroy my country and reward those who hate everything my ancestors sacrificed their lives for.
And I very much doubt I’m alone in that sentiment.
Flat White is written by Alexandra Marshall. If you would like to support her work, shout her a coffee over at donor-box.
