Coffee House Shots Introducing... Reality Check
Nov 2, 2025
The podcast dives into the intriguing question of whether the wealthy are leaving Britain. It examines conflicting data on millionaire migration while discussing calls for wealth taxes aimed at reducing inequality. The hosts highlight the implications of losing high earners and the challenges of relying on surveys for migration trends. Notably, they analyze tax receipts and market signals indicating capital flight, emphasizing the significant financial impact of wealthy individuals departing from the UK.
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Design Taxes With Behaviour In Mind
- Recognise that proposed wealth taxes target assets and capital gains rather than just income.
- Consider the narrow reach (e.g., ~20,000 people over £10m) and potential behavioural responses before designing such measures.
Wealthy Exodus Lowers Tax Share
- Michael Simmons argues credible data show wealthy taxpayers are leaving the UK and reducing tax revenue share.
- He links falling top-1% and capital gains receipts to an exodus amplified by fiscal drag and policy changes.
Contested Estimates Of Millionaire Migration
- New World Wealth projected 16,500 millionaires would leave the UK this year, taking nearly $100m.
- Critics like Tax Justice Network challenge its LinkedIn‑based methodology but Simmons defends survey use as valid.