Bloomberg Daybreak: Europe Edition Wealthy Exit UK Exclusive, Labour’s Growth Gamble, Unilateral Tariff Threat
Jun 12, 2025
Benjamin Stupples, an ultra net worth reporter at Bloomberg, discusses the worrying trend of wealthy individuals leaving London due to new tax policies. Derek Wolbank, senior U.S. economics and government editor, dives into the complexities of U.S. tariff negotiations under Trump's administration. They explore how this exodus impacts the UK economy and the implications of unilateral tariffs. The conversation also touches on Labour’s plans to invest in regions outside London to combat electoral challenges, amid rising tensions in international trade.
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UK Wealthy Exodus Rising
- More than 4,400 UK business leaders left the country last year, a 20% increase tied to scrapping non-dom tax status.
- This signals a serious potential loss of wealthy individuals and trillions in assets linked to tax and residency changes.
Trump's Tariff Letters Imminent
- President Trump plans to send unilateral tariff letters to trading partners ahead of July 9 deadline.
- U.S. tariff revenue hit a record $23 billion last month, up 270% from a year earlier, boosting the fiscal deficit improvement.
Tax Policy Risks Revenue Loss
- If half of UK's 74,000 non-doms leave, the government could lose revenue from tax reforms.
- Some advisors estimate up to 40% or more are planning to leave, endangering the tax revenue forecast.