On average an illegal migrant enters the country every 15 minutes.
While a millionaire leaves the country every 45 minutes.
It’s the most brain-dead policy imaginable.
We need to talk emigration – not just inward migration - because we are on the verge of a brain drain.
Entrepreneurs are fleeing in their droves.
And now we risk middle class flight too.
In the past year alone, more than 10,000 millionaires have left the UK. Only China saw more high net-worth individuals leave. European countries are now stealing our lunch, with Italy and Portugal styling themselves as destinations for investor flight with attractive low-tax regimes.
The best-paid 1% already paid about a third of all income tax collected: those with the broadest shoulders were – and still are – bearing the greatest burden. But the Chancellor viewed successful investors and risk-taking entrepreneurs as criminals to punish, rather than assets to court.
The non-dom tax changes may have polled well in focus groups, but they’ve backfired – and the public will now pay the price. Who is going to fund increases in defence, healthcare and transport spending? Yet again, it will fall to the middle classes to bridge the gap left. The Chancellor’s ineptitude means further tax rises on working people in the autumn are now inevitable.
The social contract with the middle class hasn’t simply frayed – it’s been shredded. They have been disproportionately targeted to fund a record tax burden while their quality of life has remained largely stagnant. They’re paying more than ever to get less than ever in return. The public services they use are crumbling, the streets they walk feel less safe, and the town centres they visit are hollowed out by petty crime and boarded-up shopfronts.
In France, discontent leads to riots; in Britain, it seems to fall into despair. The very real risk now is that Brits vote with their feet and simply pack up and leave en masse. A recent poll showed that nearly a quarter of UK adults are considering moving abroad in the next five years.
These are highly skilled professionals who are the bedrock of any country: 48% of those in the IT industry are considering emigrating, as are 30% of those in the healthcare sector. And it’s not just white-collar workers, either – when I speak to tradesmen, they think they would have better prospects in countries such as Australia and Canada.
This is no longer an issue of investor flight, but a full-on brain drain. In the 1970s, a high-tax and anti-business environment led to Britain experiencing a net loss of 500,000 people. Half a century later, history could repeat itself.
When I speak at unis, I am struck by how many are contemplating opportunities abroad. And who can blame them? Young graduates today pay more than ever to live in tiny bedrooms in shared flats. The prospect of homeownership – or starting a family – has never been more distant.
Unlike previously, the alternatives to the UK are increasingly appealing. Their money can go further elsewhere, and they can live in more prosperous countries with a better quality of life. In 2007, the average Brit was richer than the average American, Australian, Canadian and German, to name just a few. Now, they have all overtaken us.
I don’t just fear for the economic consequences. A brain drain would accelerate the dizzying pace of change. Brits who have grown up here and are imbued with our history, heritage, culture, customs and traditions can’t simply be swapped like-for-like. Nations, like all good things, take an age to create but are easily destroyed.
I understand why people consider leaving the UK, although I could never, ever imagine it myself. I too despair sometimes, but I care too much to just shrug my shoulders and resign myself to defeat. We have a fight on our hands to turn this country around. But safe streets, cohesive communities, cheap energy, functioning public services, higher wages and better living standards are never unobtainable.
@FrancesCoppola4 That is a wonderful post. Honest, helpful, brave and so much more. Well done. I used to work with you and I recognised there was something not quite 'right'. For what it's worth you never upset me as I understood. Take care.
@AndrewMarr9 thanks for a great show this morning. The @johnmcdonnellMP section was right up there with every classic British sitcom I've ever seen - had to pause as was belly laughing so much. Do you realise John how ridiculous your position is? #andrewmarr#bbc
@PeterStefanovi2 The anarchy is being caused by the parliamentarians who have disregarded democracy. If brexit doesn't happen on 31st October I fear the worst. Anarchy and perhaps civil war.
@KaySwinburneMEP @businessinsider@OscarWGrut Fantastic. Well said. The U.K. absolutely needs to seize the opportunity that block chain technology brings.