Wealthy individuals threatening to leave the UK to avoid expected tax rises should “stop”, according to Dale Vince, the green energy magnate and major donor to the Labor Party.
Vince, who donated £5 million to the Labor Party, dismissed the idea that higher taxes could harm UK entrepreneurship, describing it as “absolutely stupid”, stressing that those only interested in lower taxes were welcome to leave.
“If people only live here because they pay less in taxes, they should move out,” Vince said. “This is a fantastic country. It is impossible for people not to live here because we have a fairer tax system.” His comments come as Chancellor Rachel Reeves prepares to announce tax rises aimed at addressing a £40bn fiscal gap in her autumn budget, and is likely to… Wealthy taxpayers will bear the brunt and measures may include increasing capital gains tax and reforming inheritance tax.
Britain’s 100 biggest taxpayers contributed £3.9bn in capital gains and income tax in 2022/23, making them a crucial target. However, new data suggests that more than 6,000 British millionaires are considering moving to the EU by the end of the year to escape potential tax rises. They include Charlie Mullins, the founder of Pimlico Plumbers, who has put a £12m London penthouse up for sale, saying he plans to leave to avoid a financial “raid”.
While other prominent Labor donors, such as South African businessman Gary Loebner and Lord Sainsbury, have remained silent on the tax debate, Vince is standing firm and demanding a fairer tax structure.
Vince also criticized those who oppose the net zero agenda, especially NIMBY’s resistance to infrastructure projects such as electricity pylons. “Rural people need to accept that this is a contribution to our national economy,” he said, stressing the importance of green infrastructure.
A former nomad who founded Ecotricity in 1995, Vince has built a £100m fortune through renewable energy and innovative ventures, including Skydiamond, a lab-grown diamond company, and Forest Green Rovers, a vegan football club. Known for his outspoken opinions, Vince is not afraid of controversy, and once famously rejected a proposal from the late turkey magnate Bernard Matthews, likening his poultry operations to a “concentration camp.”