Now, I doubt this will happen again but the exodus has started and the current British government seems hell bent on wrecking everything.
Yes, billionaires leaving happens. Yes, it is measurable. No, it does not leave an impoverished, dysfunctional economy behind because they left
They could have stayed and things be every bit as bad, because they invest their money in ways which are about them and not motivated by the British economy.
It's a GDP of 3.84 TRILLION. 3.84 x 1000 billion. Think about that, scaling factors, the actual tax paid as residents, income flows, their future investments in UK plc. The effect of these people leaving is at best marginal. It won't alter the price of tea in Aberdeen, or the cost of petrol in Guildford.
It is counterproductive to make the richest leave in addition to that and perhaps it is in fact a symptom that things are going in the wrong direction. Recent policies and this wealth tax proposal are purely ideological and ultimately hurtful for the country.
Terr_•6mo ago
In contrast, Estate Tax—taxing the income of people who get a posthumous gift from someone who might or might not be related to them—is a little more straightforward and less-frequent.