People are Leaving Britain in Droves, We Face a “Growth Emergency” and Labour’s Tax Bonanza is Driving Wealth out of Britain, Admits Business Secretary
People are leaving Britain in droves, we face a “growth emergency” and Labour’s tax bonanza is driving wealth out of Britain, Business Secretary Peter Kyle has said in an extraordinary admission. The Mail has the story.
Business Secretary Peter Kyle said he was worried entrepreneurs were leaving in “droves”, adding that he would not “duck” the impact of the higher tax burden and decision to abolish non-dom status.
In a round of interviews as the fateful package looms, he also apologised for the chaotic briefing of what will be in it. …
It emerged at the weekend that billionaire former Labour donor Lakshmi Mittal has became the latest big name to quit Britain.
The Indian-born steel tycoon will now reportedly spend much of the future in Dubai and is registered as a resident in Switzerland for tax.
Asked about the reports, Mr Kyle told Sky News it was a “worry” for the government “whenever anyone needs to leave the UK to succeed”.
“But what I don’t want to do is we as a country just focus just on the billionaires because there are other people that have needed to leave,” he said.
“There are people starting businesses that have gone to America actually in their droves, because they haven’t had the funding that they need in this country to succeed.
“And that is something that we are fundamentally stopping the need for by recapitalising the markets here and putting a lot of work in for those spinouts and those start-ups, those scale up companies.
Pressed whether he acknowledged that “some of it is because of the tax decisions of this Labour Government”, Mr Kyle said: “I do.”
He added: “Yes, I do, I do. Now I’m not going to duck the fact that we have put up taxes and we’ve closed some of the loopholes for non-doms.
“On the other hand, we’ve set up this, a global talent taskforce. We have set up a global talent visa.
“We are making it easy, easier for people to come here who have high talents.
“Now, some people are going to leave because they were here, because of the way that the old non-dom system works.
“There are other people who are coming to this country because of the excitement that’s in our economy at the moment.
“The fact that we’re investing in AI, that people like Jensen Huang from Nvidia, the biggest company in the world, says we’re going through a Goldilocks moment as a country when it comes to AI.
“So lots of people are coming here because of the new excitement in our country. But I accept because of some of the decisions we’ve made, like closing those non-dom tax loopholes, some people will feel the need to leave.”
Speaking at the CBI conference, Mr Kyle said the UK is still in a “growth emergency”. …
“I really think we have inherited growth emergency, and we are still in it, and we will be in it for as long as we are unable to get our way out of this situation without increased economic productivity.”
Worth reading in full.
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There’s a popular misconception that Labour Budgets are the sole handiwork of one person. No, it is the work of a whole array of senior civil servants, Bright Young Things (some fresh out of University), Central Bankers, Globalists and more Globalists taking into account feedback from leaks to the media and Focus Groups.
That the person to deliver the Budget appears economically and financially semi-literate (at best) is nothing new; remember how Gordon Brown’s Budget speeches were marked by brevity – because he didn’t fully grasp the measures (and stealth taxes) he was outlining. Whatever its content on Wednesday, be prepared to writhe as Ms. Reeves struggles to convey the message prepared for her.
It’s always been true that much of the detailed work is done by professional servants, permanent secretaries and the rest, or Borough Solicitors in local government and so on. The elected politicians will present the script and try to implement it. When one party is in power for a long time, their culture tends to spread into the department, rather than the staff being able to cope with alternative ideas. Indeed, being a gov Minister does not require any specific professional qualification to do the job; at least, not like the real world outside.
Must have drawn the budget short straw. Look the Business Secretary up on Wikipedia and draw your own conclusions – steeped in environmental studies, international and community development, foreign aid, social exclusion, the shadow ministry for victims and youth justice.
As Science Minister, also oversaw the Online Safety Act. MP for Hove – have no qualms about playing man not ball. Same goes for pretty much all members of all governments for decades.
He tries to make it about “need to leave” or “non-dom loopholes” but it is nothing of the sort. It is about stupid tax and spend policies.
The Tories were bad but this lot are worse.
I wonder how many agree with Tony. He’s ex-police too, so he’s probably well aware of who lives in these types of neighbourhoods;
”I often work in neighbourhoods where most who live there don’t work. While I’m up and at it at 7.30, you won’t see them before 11, unless they’re on the school run, in their PJs, then in their 25 plate car on pip, then straight back to bed.
Old slippers and pizza boxes are strewn about in the streets, weed hangs in the air, little kids play in gardens full of rubbish and broken trampolines. They’ve all got dogs, they’ve all got phones and everything else. I’m 50 almost, and working since before I left school is taking its toll.
On Wednesday Labour are going to fuck me, you and every other worker over again to pay for this shit show, raising other people’s kids and feeding and housing an invading army of people that hate us and abuse our women.
We’re fools to put up with this, history will view us as idiots if we do.”
https://x.com/EvacTony/status/1992841503228461180
This is my experience of the estate I live on. Don’t get me wrong, probably 75% of my neighbours are good, hard working, salt of the earth Welsh people who just want to get on with it. But the other 25% are the PJ, BMW type. Screaming at each other at 2am.
Big screen TVs, massive amounts of Christmas shopping. No work. No ambition. No shame.
At least they are the devil I know though. Take from that what you will.
Sounds like Wales- such a pointless little country
What on earth is a “Goldilocks moment”? As I recall the story, Goldilocks entered uninvited into someone else’s house, helped herself to porridge, engaged in a short-lived squat there, and then was chased away, terrified, when the owners returned to reclaim what was rightfully theirs. Is this the sort of behaviour we want to encourage?
Isn’t it the behaviour we already have – except nobody is getting chased away just given bigger helpings of porridge paid for by taxing the “bears” and borrowing?
The only thing they have made easier, when it comes to living here, is if you come by rubber dinghy.
I understand the Russuan army is stock-piling rubber dinghies and Li-Los, in preparation for Operation Rescue Britain.
“There are other people who are coming to this country because of the excitement that’s in our economy at the moment.” Reality calling. Let me fix that for you Mr Kyle… “There are other people who are coming to this country because Britain is Treasure Island ripe for plunder – free health care, free education, free housing, free handouts for furniture, clothes, and of course money – you can even bring granny and auntie with you. No need to work or pay for anything.” That’s better. Well you know this is a complete surprise to everyone isn’t it, including the Labour lunatics? After all it’s not as if something like this has happened before under Labour’s expert economic handling – spend, tax, borrow, then spend, tax, borrow some more, da capo al fine. What do you think Grok? ”In the UK during the 1960s and early 1970s, the “brain drain” referred to the large-scale emigration of highly skilled scientists, engineers, doctors, academics, and other professionals—mostly to the United States and, to a lesser extent, Canada, Australia, and other Commonwealth countries. Why it happened Several push and pull factors combined to create one of the most discussed migration waves in postwar… Read more »
Don’t worry though, the government say AI will save us all… yep, itll
save many people the hassle of going to work and get paid for a job… what a perfect tech to be a ‘superpower’ in eh… Jesus wept
Anyone got any predictions for what the budget disaster is going to contain?
I had my bet on a 2% across the board tax rise for higher and upper tax brackets, but rises in that area seem to have faded away after ‘testing’ it… vat to 20%? Fuel duty, ved, stamp duty, insurance duty, air tax, cigs and booze all going up surely?
we could have a little bet / sweepstake on it (before betting tax goes up)!
WAKEY WAKEY YOU DIMWITS. ——-Every time I see that imbecile Reeves on the TV she is smiling. What has this twit got to smile about exactly? Millions are forced into energy poverty, the Industrial Base is collapsing, people want out of this hole. We should all just F Off and leave this hole to the migrants
Kyle must be the ultimate amiable idiot.
What is he talking about? Entrepreneurs here already use American AI and are leaving because income tax, corporation tax, capital gains tax and soon dividend taxes are so high that there’s bugger all left. And the AI data centres use so much electricity that they can only operate here if they have their own nukes or gas generation. Global talent visa for what? Drag queen’s?