A billionaire property investor and Newcastle United shareholder has left Britain to become the latest in the wealth exodus under Labour.
asserted
investor → leave → Labour
David Reuben, who is also overseeing £1billion in restorations to London’s landmarks, moved to Monaco this summer where there is no tax on income, capital gains or inheritance.
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who → oversee → income
Mr Reuben, 88, had an estimated total wealth of almost £28billion this year alongside his brother Simon.
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Reuben → have → brother
He is the latest to flee a Labour regime which has hiked taxes since coming to power two years ago and looks set to further pile the pressure on taxpayers at next month’s Budget.
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which → flee → Budget
Last week Chancellor John Healey admitted he needed to get a grip on the steady super-wealthy outflow from Britain.
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he → admit → Britain
But at Labour’s conference in Liverpool he suggested he would increase capital gains tax next month, saying Britain had the lowest rate of any European G7 nation.
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Britain → suggest → nation
Mr Healey’s comments could further spook wealthy interests in Britain after tycoon Sir Peter Lampl blamed London’s traffic as he revealed his relocation to the US.
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he → spook → US
The financier who founded the Sutton Trust charity, Sir Peter lashed out at the capital’s mayor Sir Sadiq Khan over bike lanes, low-traffic neighbourhoods (LTNs) and other ‘anti-car’ measures that stopped him travelling quickly into the City.
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that → found → City
David Reuben, right, pictured with his brother and business partner Simon, is leaving Britain for Monaco
He followed Chris Rokos, founder of Rokos Capital Management, who said earlier this month he was preparing to move to Greece.
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he → picture → Greece
With an estimated wealth of £3billion, Mr Rokos paid an estimated £330million in tax over the latest fiscal year and pledged to donate £190million to the University of Cambridge earlier this year, believed to be the largest of its kind in recent years.
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Rokos → estimate → years
Also in the wave of departures is steel baron Lakshmi Mittal, who has moved to Switzerland.
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who → move → Switzerland
Former chancellor Rachel Reeves ended the ‘non-dom’ tax status last year, which had allowed wealthy individuals to pay British tax only on income generated here.
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individuals → end → income
It was previously reported the Reuben brothers were non-doms, with the axing of the classification partly blamed for the growing outbound journeys.
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axing → report → journeys
Born in Mumbai, the self-made brothers immigrated to Britain as teenagers and attended a north London state school before starting in business as metal traders and carpet importers.
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brothers → bear → traders
They sold aluminium in Russia after the Soviet Union’s collapse and later made more than £6billion selling stakes in the IT infrastructure business Global Switch.
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They → sell → business
Earlier this month economists suggested the Treasury could face the consequences of ‘some very big UK taxpayers moving offshore’ after the next round of self-assessments returns are filed.
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round → suggest → returns
Balancing the books has been made even harder as the cost of government borrowing has been driven to a 28-year high by a bond market sell-off.
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cost → balance → off
Since coming to power in 2024 the Labour Government has hiked taxes and could continue to do so in next month's Budget as Chancellor John Healey suggested capital gains tax could rise
Simon French, of Panmure Liberum, said: 'One of the challenges with analysing UK tax data is that these high profile HNW [high net worth] departures don't yet show up in the data.
'
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departures → come → data
But next February could be quite the shock for fiscal headroom if the big self-assessment returns [for January] come in much softer than forecast as a result of some big UK taxpayers moving offshore in recent times.'
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taxpayers → come → times
Manchester United’s outspoken owner Sir Jim Ratcliffe said he had lost confidence in Britain this month and was unsurprised the super-rich were being driven from its shores.
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rich → say → shores
Sir Jim, who left Britain for Monaco in 2020, warned the decline was down to Labour's failure to tackle welfare and immigration and blamed high taxes.
And he said no politician was 'tough enough' to do something about it and act in the best interests of the country 'instead of their party'.
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politician → leave → country
'Nobody's tough enough to deal with the immigration problem.
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Nobody → deal → problem
Nobody's tough enough to deal with the benefits problem.
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Nobody → deal → problem
But somebody needs to do it or it ends in a bad place,' he said.
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he → need → place
Also highlighting 'the crime on our streets', Sir Jim, who made his fortune in the energy and chemicals sector, said: 'The UK was a fantastic place with the greatest empire in the world.
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UK → highlight → world
We won two world wars.
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We → win → wars
We were good, honest folk,' warning it was now 'difficult to see how we could arrest' the decline.
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we → warn → decline
He also slammed the government's failure to exploit the UK's own oil and gas supplies and allow and encourage new domestic oil and gas production as 'insanity'.
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He → slam → insanity
A Brexit supporter said to be worth £17billion, Sir Jim has previously drawn criticism for saying the UK had been 'colonised by immigrants' and said Britain could 'run out of gas' this winter 'in a cold spell' because gas storage was so low.
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storage → say → spell
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