Chancellor warns the Rich will be hit with ‘largest burden’ in Autumn Budget – London Business News | Londonlovesbusiness.com

The Chancellor has warned that the richest in the UK will “bear the largest burden” in the upcoming Halloween Budget.

Rachel Reeves has to the New Statesman’s NS podcast that those in the UK with the “broadest shoulders” will pay their taxes.

The Chancellor told Andrew Marr, “I said during the election campaign we’re not going to be introducing a wealth tax.

“But I think people will be in no doubt when we do the budget that those with the broadest shoulders will be bearing the largest burden.

“You saw that in our manifesto campaign. You know, non-doms, private equity, the windfall tax on the big profits the energy companies are making and putting VAT and business rates on private schools.

An exodus of millionaires and those not so rich have either left or are making preparations to leave the UK before the 30 October budget.

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The Chancellor said, “I’m confident, the UK is an amazing country where people want to be.

“And previously when taxes on non-doms have been changed you haven’t seen that flight.

“I think it’s a really important principle that if you make Britain your home you pay your taxes here… It’s not on and we will change that and we will have a proper system.”

But, Britain’s exodus could reach far beyond its wealthiest residents, as new projections from the Adam Smith Institute predicts a 20% decline in the number of millionaires in Britain during the current Parliament, Cornerstone Tax warned.

Revealing new societal insights into the material impact of the upcoming Autumn Budget – affecting the economy’s most significant growth engines, such as property, pensions, housing, and businesses – the national research found that 21% of the nation cite proposed tax increases from the Labour government as a key factor for moving abroad.

A further 16% of respondents stated that the Autumn Budget itself serves as the decisive reason for their planned departure.

Analysis from New World Wealth projects that 9,500 millionaires are set to leave the UK during 2024 – the second-largest outflow globally – in anticipation of reported tax plans.

Charlie Mullins the founder of Pimlico Plumbers has also warned that the Labour government will penalise “the wrong people” by raising taxes.

Last month Mullins said delivered a very stern attack on Labour and the Treasury, saying he is moving his millions out of the UK.

In 2023 Mullins sold Pimlico Plumbers for £145 million and over the years he has paid more than £120 million in taxes.

Mullins said his “ambitions are better rewarded and appreciated” in other countries and certainly not in the UK under a Labour government, which will be an enormous blow to the Treasury as many thousands are to follow.

Mullins added, he is moving overseas to “protect his assets for him and his family.”