Investor Tells Followers: ‘Leave the UK While You Can’
“I am telling you — leave the UK while you can.”
That was the stark warning from investor David Bell, founder of financial analysis platform Fink Money, who posted on X on Oct. 14 about what he sees as Britain’s looming economic crisis.
“Next year they’re going to pull the maddest tax shit ever,” Bell wrote. “And you’re going to wish you did [leave].”
Bell said the upcoming Labour government Budget could bring massive tax rises and spending cuts.
Independent economist Julian Jessop warned of a “scary thought for the day” when it comes to the upcoming Budget.
“Last October’s “one-off” Budget raised taxes by *£40bn* in year five, “Jessop wrote on X.
“But next month’s Budget looks set to repeat this – assuming a new ‘black hole’ of £30billion *and* a doubling of the projected ‘headroom’ (to £20billion),” he wrote.
Economist Andrew Lilico added that it was “disturbing to think that in a couple of years’ time we might look back to 2025 and say: Those were the good times.”
A Henley & Partners report from June, forecasted that a “staggering” 16,500 high-net-worth individuals will leave the UK in 2025, a 182 percent rise from 2024, due to the Labour government’s abolition of non-domiciled status and increases in capital gains and inheritance taxes.
This exodus is expected to cause $91.8 billion in capital outflows, the largest globally, with migrants heading to the UAE, US, and Italy.
It said that individuals are relocating to tax-friendly jurisdictions such as the UAE, Monaco, and Malta, as well as to lifestyle havens including Italy, Greece, Portugal, and Switzerland.
The FT recently reported that UK consumers have curbed spending more than anywhere else in the G7 since lockdowns due to concern over increasing taxes
Since 2020 UK household spending has fallen 3 percent on a per capita basis while rising 12.7 percent in the US, 5 percent in Japan & 3.2 percent in Italy over the same period.
As for Bell, he suggested one destination above all: Portugal.