The British government learnt of the data leak in August 2023.
24k Afghans secretly granted asylum, costing British taxpayers up to £7 billion.
The government covered it up.
Who was in government?
Home Secretary: Suella Braverman
Immigration Minister: Robert Jenrick
44.7% of the U.K population do not contribute any income tax
Yet the top 0.1% earners pay 10% of the total taxes
The top 1% pay over 30% of the tax
The top 10% pay 69% of the total tax revenue
£150k earner pays £53,460 in income tax but a £25,000 earner pays £2,486
You need 21x 25k earners to match the tax revenue of ONE 150k earner
So no, we should NOT tax the rich more. They are ALREADY taxed more
No wonder all the millionaires are leaving the U.K.
Oh, and how is this ‘fair’?
This is what happens with just the threat of an exit tax.
These are the high profile cases but many smaller companies are relocating. When a founder with a £2.5Billion startup leaves, how many average wages does it take to replace him??
So many “tax the rich” types are angry at me for pointing this out. I’m not patriotic enough; I shouldn’t state the obvious.
So sad to see a great founder leave. The goal should be for the UK to be a destination for wealth not a departure lounge.
Tax thresholds frozen, student loan grown by 10k since graduating, cutting ISAs, astronomical rents, pension contributions taxed. Is there any financial hope for a 30-year-old in Britain?
If I was Nik I would have absolutely made the same decision.
18% holding of Revolut.
Company will be worth $200BN without a doubt.
$36BN position at that price.
His cap gains bill alone would be $8BN-$10BN.
Now in the UAE it will be $0.
The Labour government has to realise we are in a global war for talent.
Sad and mega loss for the UK.
Folk in the UK put £103bln into ISAs last year, £69.5bln of that (approx 2/3rds) went into cash ISAs...essentially, guaranteeing a near-zero, if not negative, real return on those funds over the next year...so much more financial education needed across the board...