Britain’s richest have 'no reason' to stay as Labour piles pressure on wealth creators, warns rugby club owner

Britain’s richest have 'no reason' to stay as Labour piles pressure on wealth creators, warns rugby club owner

Britain's wealthiest residents have "no incentive" to remain in the country under Labour's current tax regime, the Hull FC co-owner and founder of financial services firm Sovereign Life Group has warned. Andrew Thirkill, whose reported fortune stands at £175million, branded the Government's approach to taxation "a vicious downward death spiral" and accused ministers of "attacking" entrepreneurs. He described John Healey's Budget as "uninspiring" and questioned whether the nation could endure another five years under Labour. Mr Thirkill said: "I look at that Budget and think, what is the incentive for business owners?" TRENDING Stories Videos Your Say He told The Telegraph: "There's nothing. It's all disincentive. So ... would I contemplate leaving the UK? Yes, if there's no point being here because it means my wealth can be destroyed." Since winning power in 2024, the Government's tax measures have included higher National Insurance contributions for employers, minimum wage rises exceeding inflation, and changes to business relief. Business tax specialist Ryan, the world's largest firm of its kind, has calculated that more than 100 policy changes this year alone have saddled companies with a £3.3billion compliance bill. Wealthier individuals have faced a succession of overlapping levies, ranging from VAT on independent school fees to reforms of inheritance tax. Frozen tax thresholds, a policy originally introduced under Rishi Sunak, are projected to drag an additional 600,000 people into the higher rate of income tax by the end of the decade. Mr Thirkill said: "We just see nothing but gloom. It's just tax everything you can get your hands on. Tax it, tax it, tax it. It's demoralising." A number of high-profile wealthy figures have already departed Britain. Steel magnate Lakshmi Mittal, valued at more than £15billion on the Sunday Times Rich List, reportedly shifted his tax residence to Switzerland last November, with plans to spend the majority of hi