Wealthy individuals threatening to leave Britain to avoid expected tax rises should “stand down”, according to Dale Vince, green energy magnate and major Labor donor.
Vince, who has donated £5million to Labour, has dismissed as ‘very stupid’ the idea that higher taxes could damage British entrepreneurship. He claimed that those interested solely in low taxes are welcome to leave.
“If people live here just because they pay less taxes, they should get out,” Vince said. “This is a brilliant country. There is no way that people won’t live here because of a fairer tax system.” His comments come as Chancellor Rachel Reeves prepares to announce tax rises aimed at closing a £40 billion budget deficit in her autumn budget, with wealthy taxpayers likely to bear the brunt. Measures could include an increase in capital gains taxes and inheritance tax reform.
Britain’s top 100 taxpayers contributed £3.9 billion in capital gains and income tax in 2022/23, making them a crucial target. However, new data shows that more than 6,000 British millionaires are considering moving to the EU by the end of the year to avoid potential tax rises. Among them is Charlie Mullins, the founder of Pimlico Plumbers, who has put his £12 million London penthouse up for sale and says he plans to leave to avoid a financial ‘raid’.
While other prominent Labor donors, such as South African businessman Gary Lubner and Lord Sainsbury, remain silent on the tax debate, Vince remains steadfast in calling for a fairer tax structure.
Vince also criticized those opposed to the net-zero agenda, especially the Nimbys who oppose infrastructure projects such as utility poles. “Rural residents must accept that this is a contribution to our national economy,” he said, emphasizing the importance of green infrastructure.
Vince, a former nomad who founded Ecotricity in 1995, has built a £100 million fortune through renewable energy and innovative ventures including Skydiamond, a lab-grown diamond company, and Forest Green Rovers, a vegan football club. Vince is known for his outspoken views and is not afraid of controversy. He once famously rejected a proposal from the late turkey magnate Bernard Matthews, likening his poultry operations to “a concentration camp.”