Key facts
- Wealthy business leaders have warned that Labour's tax policies threaten the UK economy.
- Tony Langley called a proposed 20% tax on family business transfers over £1 million a 'catastrophic blow'.
- Sir James Dyson described the plans as a 'tax grab' that threatens the 'very fabric of our economy'.
- David Sullivan stated that Labour's approach has driven friends out of the UK.
- Christian Angermayer relocated to Switzerland, citing the abolition of the non-dom tax regime as 'the death blow to London'.
- Jamie Dimon suggested a one-off charge of up to £400,000 for wealthy non-doms as an alternative to complete abolition.
Several prominent British business leaders have voiced strong opposition to the UK government's proposed tax policies, arguing they are detrimental to the nation's economy, investment, and talent retention.
Concerns have been amplified by the latest Sunday Times Rich List, which reported a record decline in the number of British billionaires and a third consecutive annual drop in the total wealth of the top 350 entries. Tony Langley, head of Langley Holdings, described a proposed 20% tax on family business transfers exceeding £1 million as a "catastrophic blow" that could force firms to sell to private equity, leading to job losses. Inventor Sir James Dyson called the plans a "tax grab" that threatens the "very fabric of our economy".
David Sullivan, co-owner of West Ham United, stated that Labour's approach to family businesses and pensions has prompted many of his associates to leave the UK. Investor Christian Angermayer recently moved to Switzerland, attributing his decision to the abolition of the non-dom tax regime, which he termed "the death blow to London." Steel magnate Lakshmi Mittal is reportedly considering leaving the UK after nearly 30 years, and Sir Rocco Forte has already relocated to Italy, criticizing Labour's economic stance as "anti-growth."
Even Jamie Dimon, CEO of JP Morgan, has advised caution, suggesting a £400,000 one-off charge for wealthy non-doms as an alternative to complete abolition. Tech entrepreneur Barney Hussey-Yeo criticized the scrapping of entrepreneurs' relief, the abolition of non-dom status, and the hike in capital gains tax as "reckless," urging the UK to compete for top talent.
These criticisms come amid wider concerns about the UK's public debt of £2.8 trillion and a deficit of £151.9 billion. Treasury insiders suggest Chancellor Rachel Reeves has limited room to soften the phasing out of non-dom benefits due to these fiscal constraints and new US tariffs on UK exports.