A great example was Sweden who implemented a "financial transaction tax" of ~2% which was insane. Stockholm exchange dropped well over 60%, about 50% of which moved to London UK. Liquidity in stockholm essentially went to 0, which means no more retirees.

A shocking amount of businesses fled sweden and they had to repeal their own tax because it was essentially crippling their entire country. It was so bad that the government was forced to greatly deregulate the financial markets to attract businesses back. In the end they killed their own stock market and it had to be sold to a private entity. 10 years after their idiotic tax did they even start to see recovery.

Better yet, this recovery was mostly dotcom bubble stocks that eventually popped only years later further setting back stockholm. Recovery was probably about 2005? Luckily they were significantly impacted by the financial crisis.

tldr: a 2% tax on millionaires caused so many to flee that even after repealing, 20 years of damage continued.

I'd argue it is less about the tax level and more about value for money. UK services are in a downward spiral while the taxes are going up, which I think is the core issue.

Even if you don't rely on, say, public healthcare as a rich person, it does affect you, as it pushes the equilibrium level for your premium service.

Tax the rent-seeking-asset-accumulation rich. Don't tax the rich that invest in production. And tax the banks heavily for loans for asset buying. Encourage the banks to loan for investment in production.