Coffee House Shots Mixed signals for Labour as GDP rises but the rich leave
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May 15, 2025 
Michael Gove, Editor at The Spectator and former Lord Chancellor, shares insights on the UK's mixed economic signals as GDP rises despite a significant exodus of millionaires. He examines the government's immigration proposals, including sending failed asylum seekers to Albania, and the controversial prison overcrowding crisis. Additionally, Gove discusses innovative approaches to managing reoffenders in the justice system, balancing community safety with civil liberties, shedding light on the complexities facing the current administration.
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Temporary GDP Growth Explained
- UK GDP rose by 0.7% in Q1 2025, the fastest in the G7 if sustained.
- Growth was likely inflated by companies stockpiling ahead of expected tariffs, so may not continue.
Millionaire Exodus and Tax Certainty
- London's millionaire exodus is linked to changes harming tax certainty, especially inheritance tax.
- Flipping tax policy to attract them back might worsen perceptions and accelerate departures.
Entrepreneurs Choosing Tax Havens
- Wealthy entrepreneurs are relocating from the UK to Dubai, Monaco, Italy, or Portugal for better tax certainty.
- Italy offers arrangements appealing to these individuals aiming for long-term financial planning.