Britain “Doomed” Under Labour as Wealthy Scramble to “Get the Hell Out of London”, Ryanair Boss Michael O’Leary Warns
The UK is doomed under Labour, the boss of Ryanair has warned as he claimed wealthy people were scrambling to “get the hell out of London” before being hit by a Budget tax raid. The Mail has more.
Michael O’Leary said he had no faith in the Chancellor’s ability to restore growth and branded her tax policies “dumb”.
The comments came amid reports that Rachel Reeves is planning to target the wealthy with a mansion tax in the Budget later this month.
He told the Guardian: “The UK economy under the current leadership is doomed.
“The UK badly needs growth, but the way to deliver growth is through selective tax cuts… you are not going to grow the UK economy by taxing wealth or taxing air travel.”
Mr O’Leary’s comments add to a chorus of criticism of Labour from UK business leaders – following warnings about tax from the likes of Marks and Spencer boss Stuart Machin and Asda’s Allan Leighton.
The Ryanair boss said: “I hold very little faith in Rachel Reeves or the current economic strategy of the Labour Government.
“Rich people are fleeing… as they are trying to find low-fare flights to get the hell out of London before Rachel Reeves taxes their mansions, their income and inheritance.”
Mr O’Leary has also taken umbrage at Labour’s decision to hike air passenger duty – a tax on flights – and said further increases in the Budget would prompt the carrier to shift capacity to other countries with lower tax burdens such as Sweden or Italy.
He told Bloomberg: “She hasn’t a rashers how to deliver growth. She puts up employment taxes, puts up APD.”
Worth reading in full.
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The Uniparty are on good form this morning, aren’t they. Reeves blaming everyone (maybe even the dog for eating her homework), for her own incompetence. Then the gall of Olukemi Badenoch claiming that Reform have adopted her policies on energy, when she and her rubbish colleagues are responsible for nearly everything Milibrain is relying on. Yes, Farage mentioned energy in his speech yesterday, but he and Tice have been shouting about it for months and years, not just this week, so to quote Badenoch, maybe she should go back and read/listen to what they have been saying. Zia Yusuf’s calm analysis of both the Tory and Labour failures after the two speeches was excellent.
And who would actually believe that Olukemi Adegoke would be allowed to drop Net Zero by her CEN MPs in the unlikely event of her getting anywhere near governing?
She won’t govern with 7 seats
I agree with O’Leary, possibly for the first time. It is reported that the Chancellor has said “The Budget this month will focus squarely on the priorities of the British people: cutting waiting lists, cutting the national debt and cutting the cost of living.” I doubt if any of this will come to place or even that the statement is true. Considering the three purposes she stated: 1 cutting waiting lists The idea that an even bigger increase in the budget oif the NHS will redu ce waiting lists is not believed by anyone. The institution is not capable of managing its current bloated size and budget let alone more. 2 cutting the national debt This would require income in excess of spending which no one expects her to achieve. It cannot be achieved with higher taxes, only by cutting costs which Labour will not do. On the contrary, the tax increases already imposed and those to come will shrink the productive part of the economy so borrowing will most likely rise in the year ahead. 3 cutting the cost of living I assume she means the RPI will be lower in a year’s time and annually thereafter than on… Read more »
I expect the Chancellor is pre-briefing to soften the blow. In previous years this would have been a resignation matter, but politicians of the established parties no longer care.
Breaking the law on a rental property and then lying about it might have also been considered a sacking offence in days gone by.
Cutting the national debt. 55% of borrowing goes to service the debt, meaning tax receipts are insufficient to cover Government spending and service the debt,
In order to cut the debt would mean tax receipts would have to exceed government spending, and cover the service charge on the debt AND be sufficient to start paying back the principal.
She possibly means cut borrowing and doesn’t know the difference between borrowing requirement and debt, or expects the Great Unwashed doesn’t know the difference.
The money to pay taxes has to come from somewhere. People with surplus capital… aka The Rich… invest it in a number of ways. This investment provides money to run businesses, expand and develop them, pay wages, employ people, provide more things for consumers, provides money for loans/mortgages.
In order to pay taxes which are not on money generated by some kind of income, then assets are liquidated which means that mansion tax will come at the expense of invested capital, which will reduce economic activity – that “growth” Rachel from accounts keeps talking about will be ungrowth – and money left in the economy is going to do far more good than extracting it and putting into the hands of buffoons in Government to be hissed away.
bRExIt iS tO bLAmE!
Well, if you believe Reeves, everything and everyone is to blame. (Apart from her and the rest of this Labour Government.) She’s doing everything in her power to restore growth and make us all better off, and it’s rotten of the rest of the world not to make it work.
It appears both France and Germany are in a pretty similar situation. I’d never realised they had also left the EU.
It is clear that this government are intent on a scorched earth policy the ultimate aim being a country that resembles Stalingrad after the Nazis launched their failed attempt to conquer the city.
Too brutal and pessimistic? Our towns and cities are starting to resemble war zones and the reality will only get worse. It’s not as if councils have funds to tidy up even if they wanted too – Labour councils particuarly love the war-torn vibe as it emphasises their need for more taxpayers cash and provides opportunities for money laundering.
Wasn’t one of his company slogan’s ‘jab and go’ promoting the convid jab? Odious creep.
Hardly the arbiter of customer care but he does run a hugely successful company delivering a product people want.
unlike the government who we don’t want.
Both of the Guardian’s readers agree with O’Leary.
I somehow doubt they are buying flights on Ryanair.