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@Andrew Eborn Octopus TV Ltd
32:39
The Budget What To expect How To Prepare Labour's tax raid on the wealthy could leave UK worse off
Labour's potential tax raid on wealthy individuals could backfire, experts warn.
As the party considers targeting high earners to fill a £22billion financial gap, concerns are mounting about the unintended consequences.
Jasmine Birtles, money expert and founder of MoneyMagpie, cautioned that such measures might prompt millionaires to leave the country or opt for early retirement.
Speaking to Andrew Eborn of Octopus TV, she highlighted the risk of wealthy individuals relocating to tax-friendly destinations like Dubai or Switzerland.
Birtles explained that the richest people (one per cent) are paying 30 per cent of tax in the UK but if they leave due to an increase of taxes, there will be massive knock-on effects.
This exodus could potentially leave the UK worse off, despite Labour's intentions to boost public finances.
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