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Brexit is the blame for the exodus of millionaires bothering London, the cultural secretary claims to have “a much better agreement with the European Union that ensures that we can continue to support the British affairs.”
This comes after a report found that London is no longer one of the top five richest cities in the world after losing a larger percentage of millionaires than anywhere from any other than Moscow.
The study, conducted by New World Wealth for advisory firm Henley and Partners, said the capital of the UK has lost $ 11,300 millionaires over the past year, including 18 sentimenters – someone who has more than $ 100 million – and two billionaires.
Critics have blamed Labor’s reform of the tax regime that is non-duty that international millionaires could live in the country while paying lower taxes.
On a question about the findings, Lisa Nandy Brexit mainly blamed the issues, saying that the Labor Government is “taking the right approach” and “striking the right balance” when it comes to the tax of wealth and support of business.
The cultural secretary told Sky News: “The report points to a variety of factors that have led to it, especially Brexit, and one of the things we have committed as a government to get us a much better agreement with the European Union that makes sure we can continue to support the British business.
‘So in my area, for example, we have major problems, just like the EU, because music artists are unable to tour the UK and the EU and vice versa. It’s not good for anyone, so closer cooperation is in people’s interest. ‘
She added: “But the tax regime in Britain is still very competitive. We have the lowest main rate of corporation tax in the G7, and look, when I come to programs like this, I am asked a lot: ‘Why don’t you tax rich people?’
“The fact that you challenge me today to say is the tax rate too high, I think broadly, show that we use the right approach and that we find the right balance.”
The UK’s financial watchdog, the Budget Responsibility Office, estimated that Brexit would in the long run wipe 4 percent per year from the UK economy as a result of an increase in non-tariff barriers on the UK-EU trade.
Sir Keir Starmer is currently trying to pursue a ‘breakback’ with the European Union and promises to ‘Brexit’ by the agreement that Boris Johnson and the Tories agreed to.
The exodus of millionaires comes into effect as a new system this week, in which people with a permanent home are required abroad, but live in the UK to pay the same tax level as everyone.
The study, which was done before the fallout after the announcement of Donald Trump’s rates, found that London is only one of two cities in the top -50, along with Moscow, who now has fewer rich people than a decade ago.
The capital, which now has 215,700 millionaires, has lost 12 percent of its richest residents since 2014. The report states that the fall came due to Brexit, taxes rise and a fall in the value of the pound. Meanwhile, Moscow lost 25 percent of its richest, mainly due to Vladimir Putin’s invasion of Ukraine.
The study comes amid growing calls to implement the government a wealth tax after labor took an ax to the British Balloon Welfare Account, with an estimated 1 million disabled people expected to lose their benefits.
But Paul Johnson, the director of the Institute of Fiscal Studies, said last month The independent That “no country in the world ever had a wealth tax that raised serious money,” said the levy had significant administrative problems.
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