Brexit accountable for London’s millionaire exodus, Lisa Nandy says | EUROtoday

Brexit is accountable for the exodus of millionaires plaguing London, the tradition secretary has stated, vowing to get “a far better deal with the European Union that makes sure that we can continue to support British business”.

It comes after a report discovered that London is now not one of many high 5 wealthiest cities on this planet after shedding a better proportion of millionaires than wherever apart from Moscow.

The research, performed by New World Wealth for advisory agency Henley and Partners, stated the UK’s capital has misplaced 11,300 greenback millionaires over the previous 12 months, together with 18 centimillionaires – somebody who has greater than $100 million – and two billionaires.

Asked concerning the findings, Lisa Nandy primarily blamed Brexit for the problems and stated the Labour authorities is “taking the right approach” and “striking the right balance” relating to taxing wealth and supporting enterprise.

The tradition secretary informed Sky News: “The report points to a variety of factors that have led to that, most specifically Brexit, and one of the things that we’re committed to doing as a government is making sure that we get a far better deal with the European Union that make sure that we can continue to support British business.

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“So in my area, for example, we’ve got significant problems, as has the EU, because music artists aren’t able to tour from the UK and the EU and vice versa. Now that’s not good for anybody, so closer cooperation is in people’s interests.”

She added: “But the tax regime in Britain is still highly competitive. We’ve got the lowest main rate of corporation tax in the G7 and, look, when I come on programs like this, I get asked a lot, ‘why aren’t you taxing wealthy people more?’

“The fact that you’re challenging me today to say is the tax rate too high, I think broadly, shows that we’re taking the right approach and we’re striking the right balance.”

The UK’s monetary watchdog, the Office for Budget Responsibility (OBR), has estimated that Brexit would wipe 4 per cent each year from the UK’s financial system in the long term, because of a rise in non-tariff limitations on UK-EU commerce.

Sir Keir is at the moment making an attempt to pursue a “reset” with the European Union, pledging to “make Brexit work” by renegotiating the deal agreed upon by Boris Johnson and the Tories.

The research, performed earlier than the fallout after the announcement of Donald Trump’s tariffs, discovered that London is just one of two cities within the high 50, alongside Moscow, which now has fewer wealthy individuals than a decade in the past.

The capital, which now has 215,700 millionaires, has misplaced 12 per cent of its wealthiest residents since 2014. The report says the autumn has come because of Brexit, tax rises and a fall within the worth of the pound. Meanwhile, Moscow has misplaced 25 per cent of its wealthiest, primarily because of Vladimir Putin’s invasion of Ukraine.

The research comes amid rising requires the federal government to implement a wealth tax after Labour took an axe to the UK’s ballooning welfare invoice, with an estimated million disabled individuals anticipated to lose their advantages.

But Paul Johnson, the director of the Institute for Fiscal Studies (IFS), final month informed The Independent that “no country in the world has ever successfully had a wealth tax that’s raised serious money”, saying the levy poses important administrative issues.