Business owners flee Britain before ‘doomsday’ Budget
Tax policies driving thousands of company directors to other countries, analysis shows
CAMILLA TURNER, MEIKE EIJSBERG
Business owners are leaving Britain for other countries as Rachel Reeves’s “doomsday” Budget looms.
The Chancellor has said she wants to oversee “pro-growth” measures that will boost the economy and help businesses to “thrive”.
But in the past 12 months, 6,100 company directors have left the UK, up from 4,300 during the same period the previous year – an increase of 42 per cent.
The figures are drawn from Companies House filings, which list the number of directors with significant control of their businesses who have changed their country of residence from the UK to a foreign nation.
Business leaders point to a number of changes introduced under Labour, including clamping down on non-doms, limiting inheritance tax reliefs for family businesses and raising capital gains tax, as reasons for the exodus.
Andrew Griffiths, the shadow business secretary, said: “Rachel Reeves has created a hostile environment for wealth creators, company directors and those leading businesses. She is being positively reckless about this.
“It is a colossal error to have such a doom-laden run-up to the Budget. Whatever she says on Wednesday, much of the damage has already been done.
“It seems very likely that we are heading for a doomsday Budget. With an exodus of businesses already taking place, there is every indication that it will only get worse. This is going to have a ruinous effect on the country.”
The most popular destination for company directors is the United Arab Emirates, followed by Spain, with the US in third place, according to analysis by The Telegraph.
Anna Leach, the chief economist at the Institute of Directors, said that various government policies over the past year had prompted company leaders to move abroad.
The Telegraph: continue reading
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