Burnham Must Kill Wealth Tax Talk Now
The UK's incoming Prime Minister Andy Burnham needs to kill speculation of a wealth tax immediately, warns the CEO of one of the world's largest independent financial advisory organisations, cautioning that hesitation alone is already pushing capital toward the exits.
deVere Group's comments come as Andy Burnham, who replaces Sir Keir Starmer as Prime Minister on Monday, declined to rule out a levy on the assets of Britain's wealthiest citizens during an interview with Gary Lineker, telling the podcast that people may eventually be asked for "a little more" and that fairness demanded difficult decisions ahead.
The deVere CEO comments:
AdvertisementThe timing could hardly be more sensitive. The UK lost an estimated 16,500 millionaires in 2025, one of the largest single-year outflows recorded anywhere in the world, and industry forecasts suggest that figure could double again in 2026 as the effects of the non-dom regime's abolition continue to ripple through.
The UAE, Switzerland and Italy, among others, have all positioned themselves as beneficiaries of Britain's loss, actively courting the capital and talent that London once took for granted.
Nigel Green continues:
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The deVere CEO argues the economic maths rarely works in the way proponents assume.
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Nigel Green warns the damage is already underway.
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