Confidence following Rachel Reeves' policies has 'collapsed' (Image: Getty)

       Ultra wealthy Labour supporters admit voter's remorse after Rachel Reeves' policies "collapsed" their confidence in the economy.

       Two thirds of wealthy individuals with investable assets over ￡250,000 now regret their decision voting for Labour, according to a survey by wealth manager Saltus.

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       Their confidence in the economy plummeted from 84% in August to just 48% today, according to the poll of 2,000 high net-worth individuals.

       Despite Labour's promise to not raise key taxes, Rachel Reeves' decision to increase employer National Insurance contributions which directly impacts business owners, and add 20% VAT to private school fees, obliterated confidence.

       Keir Starmer repeatedly promised to focus on economic growth during his election campaign, however a parter at Saltus, Mike Stimpson, said the ultra wealthy believe the economy isn't on track.

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       Stimpson said: “The extent to which the confidence of high net worth individuals has collapsed demonstrates a missed opportunity for the new Government, who had high levels of support when they came to power and drove the highest levels of HNWI confidence in the UK economy we have ever recorded.

       “Confidence is a critical component in growth, and the fact that this vitally important group of people – the wealth creators, employers and investors in the businesses of tomorrow – feel that the UK economy is not on the right track is a cause for concern.”

       He believes the ultra wealthy backed Labour in "protest" of key Conservative failures, including Liz Truss' infamous period as PM.

       Due to the disillusionment, Saltus' poll revealed one in ten are thinking about leaving the UK, which raises questions about business opportunities and growth, as well as income tax earnings, of which 30 percent is paid for by the top 1 percent of earners.

       Last year 10,800 millionaires moved overseas, according to the Adam Smith Institute, more than double 2023's exodus.

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       In response, Rachel Reeves reversed promises to crack down on high earners using non-dom tax status to avoid paying tax in the UK.

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       Calls for DWP State Pension rule change as payments hit ￡13,000

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       She told the Wall Street Journal: "We have been listening to the concerns that have been raised by the non-dom community.

       "And in the finance bill, we will be tabling an amendment which makes more generous the temporary repatriation facility, which enables non-doms to bring money into the UK without paying significant taxes."

       A Treasury spokesperson said: “At the Budget, we made the difficult decisions needed on tax to fix the foundations and increase investment in public services and the economy, to rebuild Britain and unlock long-term growth.”