Rachel Reeves: Chancellor reacts to UK inflation rise

       Rachel Reeves has been criticised as people with wealth in the UK have reportedly started evacuating it for abroad after the Budget.

       The Chancellor of the Exchequer announced an increase to employers' National Insurance contributions, an increase in the basic rate capital gains tax on profits from selling shares from 10% to 18%, with the higher rate rising from 20% to 24%.

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       Also included was unspent pension pots also being subject to the tax from 2027.

       A survey by deVere Group - an independent financial advisory and asset management organisation - has found that 42% of those with financial assets in or ties to the UK are actively now seeking to transfer their wealth out of Britain.

       Instead, they are opting for "more tax-friendly" jurisdictions.

       Among the most popular destinations for those reassessing their strategies are Italy, Switzerland, Dubai, Portugal and Malaysia, research found.

       The findings revealed what has been described as a "seismic shift" in attitudes toward the UK’s financial environment.

       Families, business owners and investors with UK financial connections are exploring options to "mitigate the impact of the new tax landscape", deVere reports, which includes higher capital gains and inheritance tax changes on pensions, the abolition of non-domiciled tax status, and increases in National Insurance Contributions (NIC).

       READ MORE: UK manufacturing shrinks at fastest rate as job cuts hit 10 month high

       Rachel Reeves' policies have been criticised (Image: Getty)

       People are moving their wealth from the UK to places like Italy, surveying suggests (Image: Getty)

       Nigel Green, CEO of deVere Group, said: “These measures, designed to address fiscal challenges, are perceived as a direct threat to wealth preservation and financial planning. The policies outlined in the Budget are a game-changer for anyone with financial ties to the UK."

       He went onto says that the poll shows a "remarkable increase" in the number of individuals seeking to reposition their wealth abroad.

       Mr Green said that this is "not a knee-jerk reaction" but rather a "strategic response" to an environment that has become "increasingly hostile to wealth and investment".

       He added: “The abolition of the long-standing non-domiciled tax status has emerged as a pivotal concern. Historically, this status has attracted significant investment and talent to the UK, fostering a dynamic business environment.

       “Its removal sends a strong signal that the UK may no longer be the tax-friendly hub it once was. For those with property, business interests, or pension plans tied to the UK, this represents a significant shift in financial risk."

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       'Rachel Reeves talked a big game, but Labour's actions tell a different story' [OPINION]

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       'Reeves and Rayner threaten year of chaos as inflation and recession loom' [OPINION]

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       Rachel Reeves is reportedly causing an exodus of wealth (Image: Getty)

       He also said: “The increase in CGT [capital gains tax] rates is set to discourage investment, while the inheritance tax changes on pensions create additional complexities for families planning to pass on wealth to loved ones efficiently.”

       It has also been claimed that the measures "prioritise immediate fiscal gains over long-term economic growth".

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       Keir Starmer promises 'more cash in your pocket' on NYE despite flailing UK economy

       500 Comments

       Bank of England multiple interest rate cuts expected in huge boost for millions

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       254 Comments

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       12 money tips for 2025 from pensions to wills and inheritance tax

       Comments

       Inflation jump is just the start - Rachel Reeves is about to make things even worse

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       Keir Starmer promises 'more cash in your pocket' on NYE despite flailing UK economy

       500 Comments

       Bank of England multiple interest rate cuts expected in huge boost for millions

       3 Comments

       Has anyone seen Rachel Reeves from accounts? We've some questions about her CV

       254 Comments

       Bank offers market-leading easy access savings account paying 'boosted' 5% interest

       Comments

       Panic as England's winemakers at risk of closing - 'the Budget hasn't helped'

       5 Comments

       Millions of middle-class families face ￡8,000 tax raid under Labour next year

       60 Comments

       Keir Starmer and Rachel Reeves made one huge mistake before Budget disaster

       115 Comments

       ￡100 warning over 'forgotten' subscriptions in bank accounts

       2 Comments

       Does Rachel Reeves hate the British? Her latest looming disaster suggests she does

       98 Comments

       Reeves and Rayner threaten year of chaos as inflation, recession and tax hikes loom

       282 Comments

       Rachel Reeves talked a big game, but Labour Party's actions tell a different story

       58 Comments

       Mad Ed Miliband is taking wrecking ball to economy - and now we have the proof

       219 Comments

       Keir Starmer is making a huge mistake - this is not the answer to our problems

       156 Comments

       Pensioners who lost winter fuel payments face ￡500 energy bill rise after new price hike

       62 Comments

       12 money tips for 2025 from pensions to wills and inheritance tax

       Comments

       Inflation jump is just the start - Rachel Reeves is about to make things even worse

       118 Comments

       Rachel Reeves and the great Labour Party cash-grab flippantly fleecing your finances

       32 Comments

       Keir Starmer is fast-resembling Grim Reaper - and no-one is safe from Labour Party

       189 Comments

       UK manufacturing shrinks at fastest rate as job cuts hit 10 month high

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       We can't afford five more minutes of clown-in-chief Keir Starmer and Labour idiots

       284 Comments

       Keir Starmer promises 'more cash in your pocket' on NYE despite flailing UK economy

       500 Comments

       Bank of England multiple interest rate cuts expected in huge boost for millions

       3 Comments

       Has anyone seen Rachel Reeves from accounts? We've some questions about her CV

       254 Comments

       Bank offers market-leading easy access savings account paying 'boosted' 5% interest

       Comments

       Panic as England's winemakers at risk of closing - 'the Budget hasn't helped'

       5 Comments

       Millions of middle-class families face ￡8,000 tax raid under Labour next year

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       Mr Green added: "By imposing higher taxes on wealth and on business, the government risks driving away the very individuals and enterprises that contribute significantly to the UK economy."

       Also announced in the Budget was that inheritance tax relief for farms will be limited to ￡1million.

       On business and agricultural assets worth more than that, there will be a 50% inheritance tax relief, at an effective rate of 20%, from April 2026.