A majority of the Hoognet-worthy persons (HNWIs) who supported the labor in the last elections now regret their decision, as confidence in the British economy, according to a new survey.
The poll, carried out by wealth manager Saltus, showed that two -thirds of the well -to -do voters who supported Sir Keir Starmer’s party in July wishes them not to. The most important policies that trust, include changes in the inheritance tax, the introduction of 20% VAT on private school costs and an increase in the national insurance contributions of employers, which has increased personnel costs for entrepreneurs.
The survey among 2,000 people with at least £ 250,000 in insegable assets showed that confidence in the British economy among this group fell sharply from 84% in August – a month after Labor’s victory – to only 48% today, what a one Record low marks.
Mike Stimpson, a partner at Saltus, described the shift as a “missed opportunity” for work. He said: “Trust is a crucial part of growth, and the fact that this vital group – the power makers, employers and investors in the companies of tomorrow – feel that the British economy is not on the right track is a reason for concern.”
Labor worked hard to realize rich donors during the election campaign and promised not to levy important taxes while positioning himself as “the party of creating wealth.” This strategy has paid off and attracted considerable financial support, including a donation of £ 4.5 million from Gary Lubner, former Chief Executive of the parent company of Autoglass.
More than a third of the British HNWIs eventually voted for work, but analysts now describe this as a ‘protest voice’ against the conservatives, whose reputation among the rich was seriously damaged by the mini-budget of Liz Truss.
Since his appointment, Chancellor Rachel Reeves has introduced tax increases that have further shaken trust with rich individuals. The October budget increased taxes with a record amount, with fear that there are more walks on the road. More than 80% of the respondents expect the government to increase the tax on power gain, income tax and inheritance tax within the following year.
As a result, one in ten HNWIS is considering leaving the UK permanently. According to the Adam Smith Institute, Groot -Britain lost 10,800 millionaires of overseas relocation in 2024 – more than double the number in 2023.
Under the controversial departure, Charlie Mullins, founder of Pimlico Plumbers, who moved to Spain “as soon as Labor won the elections.” The exodus of wealth has already forced a policy shift, in which the government is being traced back to the proposed tightening of the non-DOM tax regime. Reeves recently announced measures to make it easier for non-Doms to bring money into the UK, which recognizes the need to maintain wealth and investments.
At the World Economic Forum in Davos, Reeves spoke: “We are always interested in hearing ideas to make our tax regime more attractive for talented entrepreneurs and managers from all over the world to help create jobs and wealth in the UK.”
The departure of rich individuals could have considerable economic consequences. The top 1% of the earners contribute almost 30% of all income tax, which means that a continuous outflow of HNWIs would put extra pressure on public finances.
However, not all prosperous work -followers are disillusioned. Green Energy Tycoon Dale Vince, who donated £ 5 million to the party, remains an avid Backer. In October he rejected those who threatened to leave the country about tax increases and said they had to ‘f – off’.
A spokesperson for the Treasury defended the government’s approach and stated: “At the budget we have made the difficult decisions needed to remedy the basis and to increase investments in public services and the economy, to Great Britain To be rebuilt and to unlock the long -term growth. “