Mass exodus in UK begins as billionaire secures golden visa for rich country with 0% tax
Wealthy Britons are apparently uneasy at what Chancellor Rachel Reeves has planned in her Budget later this month.
Rachel Reeves outlines likelihood of tax rises in October
Richard Desmond is planning to split his time is preparing to split his time between London and Dubai after apparently “losing confidence” in British politics, Express.co.uk understands.
The billionaire former Daily Express owner has secured a golden visa from the United Arab Emirates, where he also bought a property over the summer.
In relocating, he will join other wealthy high-profile figures including Charlie Mullins, founder of Pimlico Plumbers, who last month revealed he was putting his £12m London penthouse up for sale as he prepares to leave the UK.
One source described Mr Desmond's move as a “change of scene”, although he will continue to be domiciled in the UK for tax purposes.
Nevertheless, it comes with Mr Desmond’s increasing disillusionment with the political situation in the UK, both under the previous Conservative administration and the current Labour administration, led by Prime Minister Sir Keir Starmer.
Speaking to the Financial Times, one person close to Mr Desmond told the Financial Times said the businessman had “lost confidence in British politics.”
They added: “He enjoys being in the UK and will spend much of his time here, but he’s an entrepreneur at heart – and he now sees opportunities in Dubai.”
The move has triggered concerns that Britain is less attractive to entrepreneurs and the wealthy.
Mr Mullins meanwhile said he plans to invest in properties in Spain and Dubai instead, pointing the finger squarely at Sir Keir.
Speaking to GB News last night, he said: "I've left purely because of Labour's taxes and the increases they are going to bring out in the future: inheritance tax, capital gains, raise the tax rate, and they're penalising the wrong people.
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“It is the entrepreneurs, the risk takers, the businesspeople that create wealth, that create jobs, that put more into the economy, but they're driving them out.
“And if they do this leaving in tax, there's no way people will ever return. It's like you're in a restaurant, you've already paid the bill, but because you leave before it closes, they want to charge you again.”
Wealthy Britons are bracing themselves for likely tax rises, with Chancellor Rachel Reeves admitting she will have to make “difficult decisions” in her first Budget on October 30.
Sir Keir Starmer has also hinted at tax rises, suggesting that those with the “broadest shoulders” must bear the heaviest burden.
A report published by the Adam Smith Institute this week warned Britain is expected to see the world’s largest exodus of millionaires over the next five years.
By contrast, Germany, France, and Italy are likely to increase their share of wealthy individuals.
In 2022, Mr Desmond’s company, Northern & Shell, missed out on the licence to run the National Lottery after losing to Allwyn, the gambling group owned by Czech billionaire Karel Komare.
He is challenging the Gambling Commission’s decision and looking for £200m in damages.
Additionally, a proposed £1bn redevelopment plan for the Westferry Printworks site in east London has been pushed back by ongoing planning issues, although it was approved by council officials in August, at the third attempt.
Mr Desmond sold Express Newspapers to Reach plc in 2018.
