Thoughts on the UK

I am pretty negative about the UK economy generally but do think that some of the Labour policies are more damaging in the long term.

I have a few friends and colleagues that have left the UK before the beginning of this tax year or are planning to find another destination to call home.

The general trend seems to be around wealth creation and the taxation of accumulated wealth. None of the people I know have any issue with paying tax and most pay a large amount of tax annually.

The “threat” of a wealth tax seems enough to look at alternative jurisdictions. It feels like Labour are recreating policies from the SNP which target higher earners to pay more (they actually do pay more tax anyway!).

Scotland has therefore seen a gradual movement of HQs from Scotland to England (led by financial services) and I expect similar movements from London to other jurisdictions

Wealth seems pretty mobile and Dubai, Spain, Portugal and a few others have visa schemes that are quite attractive even just for the next 5-10 years.

All eyes are to Rachel Reeves budget in October and how she can balance the books without hitting her pledge over income tax increases for the working person. It looks more likely to me that more tax rises are coming and potentially mimicking Scotland higher tax payers rate.

Passports at the ready!