Best of the Spectator Reality Check: the rich are leaving Britain – and making you poorer
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Nov 2, 2025 Hannah, a representative of the youth activist group Green Needle Rising, passionately discusses the implications of wealthy individuals leaving Britain. She argues for wealth taxes to fund vital public services and climate action, countering claims that higher taxes drive the wealthy away. The podcast delves into conflicting data about the millionaire exodus, highlighting how the top 1% contribute significantly to tax revenue. Hannah emphasizes that losing the wealthy could ultimately harm public finances, urging a rethink on taxing strategies.
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Activists’ Case For Wealth Taxes
- Hannah from Green Needle Rising described activists pushing for a 2% annual wealth tax on assets over £10m.
- She argued many young people face debt, insecure work, and unaffordable housing, driving support for wealth taxes.
Protesters Claim Wealthy Would Stay And Support Taxes
- Hannah disputes claims that wealthy would flee, citing Patriotic Millionaires survey saying 65% would accept higher taxes.
- She also criticises Henley and Partners' LinkedIn-based estimates as dodgy methodology.
Wealthy Exodus Is Real And Measurable
- Michael Simmons argues that multiple data sources indicate wealthy people are leaving the UK, not just flawed reports.
- He links falling tax receipts and OBR estimates to a real exodus that threatens public revenue.