Labour's crushing tax hikes squeezing our billionaires out

A STAGGERING 6,100 company directors have left the UK over the past 12 months — an increase of 42% — in response to Labour’s high-tax, anti-business regime.

- Tim Newark Political commentator

If Rachel Reeves adds yet more burdens on entrepreneurs and business owners in today’s Budget, we will witness a brain drain the likes of which we haven’t seen since the 1970s.

Companies House figures reveal thousands changed their country of residence from the UK to overseas. This comes hot on the heels of revised government data showing 257,000 Brits left the UK last year — up from an estimated 77, 000.

All of which is calamitous for the British economy which will only get worse if the exodus of wealth-creators continues.

But what can we expect with a Government that puts up taxes to spend more on benefits? It’s little wonder hardworking folk are taking their chances abroad where taxes are lower, regulations are less arduous and their skills are valued.

Even pensioners are likely to find a more comfortable regime for their retirement overseas.

All of which is taking billions of pounds out of the British economy and reducing the pool of taxation to pay for Labour's generosity towards the nonworking classes.

WE ARE at risk of a vicious circle of poverty if the people who create wealth and drive growth leave. The majority of new arrivals are low-skilled. I doubt there are many tech tycoons, software engineers or AI experts in the small boats.