Latest news with #AdamSmithInstitute
Gulf Insider
a day ago
- Business
- Gulf Insider
1 in 4 Young Brits May Quit UK for Australia or Dubai
Over a quarter of young Brits are considering leaving the UK to escape the country's stuttering economy and unaffordable housing market. As many as 28 per cent of 18-30 year-olds are either planning to quit the UK or have seriously considered emigrating, according to a poll from free-market think tank the Adam Smith Institute (ASI). Another 30 per cent said they had 'briefly considered' it, while 35 per cent said leaving the UK had never crossed their mind. Respondents overwhelmingly cited the UK's supply-starved housing market and difficult financial backdrop as being a core driver of their disillusion with Britain. Over six in 10 (65 per cent) believe it will become even more difficult to find affordable housing in the next five years, compared to just one in five who believe it will get easier. And half said they felt most of their peers were struggling to make ends meet in the face of ever-increasing housing costs and stagnating wages. 'The youngest generation of British workers are sending a clear message. They feel overtaxed, underhoused and undervalued,' said Emma Schubart, data and insights manager at the ASI. 'If our political class continues to ignore these warning signs, we risk exporting our talent at precisely the moment when it is most needed.' The think tank's findings are the latest evidence of a 'brain drain' said to be gripping Britain, as an increasing number of the country's ambitious young professionals turn overseas to forge their careers. Jurisdictions like Dubai and Australia have proven especially popular with the cohort, won over by their vibrant economies, higher living standards and better weather. An estimated 40,000 Brits moved from the UK to the Emirati city-state in 2024 alone, and last month officials unveiled a first-time buyer scheme that made it easier for its young residents – including its fast-growing expat community – to get on the housing ladder. The proliferation of so-called 'digital nomad' visas, which allow professionals to work for a UK company from abroad, has also served to accelerate the number of departures. Research from polling agency Public First has estimated the UK is missing out on over £3bn of consumer spending because of increasing uptake in the schemes on offer in far-flung destinations like Bali and Costa Rica. The firm put the direct annual loss to the Exchequer from young Brits using the schemes at least £320m. Responding to the ASI figures, Reform UK leader Nigel Farage said: 'It's sad but not a surprise that ambitious young Brits are increasingly looking overseas for opportunities.' 'This can't go on. We must give the next generation the freedom to thrive, raise families, and build a bright future here in the UK,' he read: US, UK In Secret Talks With Ukrainian Officials To 'Replace Zelensky': Russian Intelligence Claims
Daily Mail
2 days ago
- Business
- Daily Mail
Over half of under 30s have considered emigrating under Labour amid housing and money worries
More than half of under-30s have considered leaving Britain under Labour as they feel 'overtaxed, underhoused and undervalued', according to new research. Britons aged between 18 and 30 said they have 'serious concerns' about the state of their personal finances, housing and their future in the UK. Some 28 per cent of young people are either actively planning (eight per cent) or have seriously considered (20 per cent) emigrating, according to The Adam Smith Institute poll. A further 30 per cent have briefly considered it and just 35 per cent of young people said they had never thought about leaving the UK, the think tank's survey carried out between July 8-10 found. Researchers said: 'With young people feeling increasingly disenchanted, it is clear that meaningful change is needed to prevent them from joining the UK's ongoing wealth exodus.' Responding to the data, Reform UK Nigel Farage told the Telegraph: 'It's sad but not a surprise that ambitious young Brits are increasingly looking overseas for opportunities. 'High taxes and stagnant wages have crushed aspiration and punished hard work. This can't go on. We must give the next generation the freedom to thrive, raise families, and build a bright future here in the UK.' Some 65 per cent of young people believe it will be 'more difficult' to find affordable housing in the next five years and a further 38 per cent said it will become 'much more difficult'. Just 21 per cent of young Britons think the housing situation will get easier in the next five years, the poll found. These concerns cut across political divides as voters from all major parties expressed fears about housing and financial security. Some 63 per cent of young Conservatives, 65 per cent of Labour and 68 per cent of Reform UK young voters said access to affordable housing will worsen, The Adam Smith Institute poll found. Emma Schubart, data and insights manager at the think tank, said: 'The youngest generation of British workers are sending a clear message. 'They feel overtaxed, underhoused and undervalued. If our political class continues to ignore these warning signs, we risk exporting our talent at precisely the moment when it is most needed. 'With the country already facing a wealth exodus thanks, in large part, to its reckless decision to scrap the non-dom tax regime, the Treasury can hardly afford to lose an entire generation of ambitious young people as well. 'Addressing these challenges is not just a matter of fairness - it is essential to securing Britain's long-term economic and social future. 'Young Britons urgently need evidence that ambition and hard work still translate into security and success in this country.'
Daily Mail
3 days ago
- Business
- Daily Mail
How Labour is doing compared to its own economic targets
Charles White-Thomson is a senior fellow at the Adam Smith Institute and the former CEO of an online trading company. He explains how he has set up a system to measure the government against its own targets - and how it is doing. After last year's election, I argued Britain needs to start thinking like a business if it wants to get back on track. I supported the Prime Minister and Chancellor's commitment to put growth at the top of their priority list with measurable objectives and hard deadlines. Their support for clear targets made a good deal of sense. Most people instinctively understand the difference between a vague ambition and a time bound target pinned to someone's name. Ministers call it 'mission-led government.' Every pledge would be tracked, measured and judged in public. The private sector has a name for this form of analysis - the Key Performance Indicator. As a former CEO of an online trading company, this is something I'm more than familiar with. The KPI system, which ranks performance from red to green, is a good way to enhance focus and accountability. The traffic light system triggers debate, because there's so little room to hide - the 'devil really is in the detail.' Sadly, one year into their time in office, the government seems to have abandoned its commitment to this kind of transparency. And, a year later, reality looks rather different. Whilst many targets have been set - and some are genuinely ambitious, there are still too many five-year goals, too many get-outs, and too little accountability. Worse still, the much-touted Mission Boards, which were supposed to scrutinise delivery, have vanished into the ether. It says something about modern politics that even in the digital age, when almost any metric can be tracked in real time, the electorate still has to surf multiple websites to see if the promises made to them are being kept. Our 16 KPIs that track what's happening In a business, this wouldn't be tolerated. You don't get to shirk responsibility. You don't get to shrug and blame the economic weather when your targets flash red. You certainly don't get to hide the numbers. That's why, in the absence of an official scoreboard, the Adam Smith Institute and I have compiled our own. We've rolled up our sleeves and collected 16 of the government's key performance indicators from manifestos, speeches and policy documents. When the targets were set over five years, we've prorated them to see where they should stand after 12 months. Where relevant, we have started our analysis on day 1 of their government. And, to make things nice and simple, we did what any good board would do, colour-coded them. Green for success. Amber if they were close (or faced genuine mitigating factors). Red for failure. I should stress that this type of analysis is unemotional, focusing on the performance of the previous 12 months. This analysis of performance versus KPIs does not seek to justify or commend the decisions of this government - simply to hold them to account. How is Labour really doing? Of the 16 KPIs, 6 are green and 7 are red, with the rest being mixed or lacking adequate data. Worryingly the reds include many of the main economic drivers, which you can see above. Monthly growth has averaged just 0.09 per cent since July 2024, well below the rate needed to achieve the goal of 2.5 per cent annual growth by 2029. What's more, inflation , which the government pledged to stabilise at 2%, has also risen, with last month's inflation reaching 3.4 per cent. Of course, sluggish growth is hardly surprising when you factor in the government's decision to raise National insurance contributions and scrap the non-dom regime. Looking at the rest of the KPI portfolio, there are a few bright spots - particularly relating to spending. The government, to its credit, is on track to meet its proposals on delivering new NHS appointments, hiring more mental health staff and is likely to increase defence spending to 2.5 per cent of GDP. But, this raises wider questions about the government's overall strategy. What does this mean for our public finances when the government is meeting its spending commitments but not growing the economy as planned? Labour should think like a business In the end, the government's performance against these KPIs has been disappointing. Regardless of what one might think of their mission, they're far from making it a reality. And, they're struggling to deliver where it matters most - economic growth. Ministers now need to focus - really focus - on these KPIs. The PM, like any good CEO will need to hold his Ministers to account. Ministers who persistently fail to meet their targets will need to be replaced. When the KPI flashes red, they won't be able to hide behind the spin. The next twelve months will define this government's legacy. Delivering on these commitments won't just look good on a spreadsheet. It could also help restore public confidence and show that, after years of drift, there is finally a plan that works.
Daily Mail
3 days ago
- Business
- Daily Mail
How Labour is doing compared to its own economic targets - and why it must deliver growth
Charles White-Thomson is a senior fellow at the Adam Smith Institute and the former CEO of an online trading company. He explains how he has set up a system to measure the government against its own targets - and how it is doing. After last year's election, I argued Britain needs to start thinking like a business if it wants to get back on track. I supported the Prime Minister and Chancellor's commitment to put growth at the top of their priority list with measurable objectives and hard deadlines. Their support for clear targets made a good deal of sense. Most people instinctively understand the difference between a vague ambition and a time bound target pinned to someone's name. Ministers call it 'mission-led government.' Every pledge would be tracked, measured and judged in public. The private sector has a name for this form of analysis - the Key Performance Indicator. As a former CEO of an online trading company, this is something I'm more than familiar with. The KPI system, which ranks performance from red to green, is a good way to enhance focus and accountability. The traffic light system triggers debate, because there's so little room to hide - the 'devil really is in the detail.' Sadly, one year into their time in office, the government seems to have abandoned its commitment to this kind of transparency. And, a year later, reality looks rather different. Whilst many targets have been set - and some are genuinely ambitious, there are still too many five-year goals, too many get-outs, and too little accountability. Worse still, the much-touted Mission Boards, which were supposed to scrutinise delivery, have vanished into the ether. It says something about modern politics that even in the digital age, when almost any metric can be tracked in real time, the electorate still has to surf multiple websites to see if the promises made to them are being kept. Our 16 KPIs that track what's happening In a business, this wouldn't be tolerated. You don't get to shirk responsibility. You don't get to shrug and blame the economic weather when your targets flash red. You certainly don't get to hide the numbers. That's why, in the absence of an official scoreboard, the Adam Smith Institute and I have compiled our own. We've rolled up our sleeves and collected 16 of the government's key performance indicators from manifestos, speeches and policy documents. When the targets were set over five years, we've prorated them to see where they should stand after 12 months. Where relevant, we have started our analysis on day 1 of their government. And, to make things nice and simple, we did what any good board would do, colour-coded them. Green for success. Amber if they were close (or faced genuine mitigating factors). Red for failure. I should stress that this type of analysis is unemotional, focusing on the performance of the previous 12 months. This analysis of performance versus KPIs does not seek to justify or commend the decisions of this government - simply to hold them to account. How is Labour really doing? Of the 16 KPIs, 6 are green and 7 are red, with the rest being mixed or lacking adequate data. Worryingly the reds include many of the main economic drivers, which you can see above. Monthly growth has averaged just 0.09 per cent since July 2024, well below the rate needed to achieve the goal of 2.5 per cent annual growth by 2029. What's more, inflation, which the government pledged to stabilise at 2%, has also risen, with last month's inflation reaching 3.4 per cent. Of course, sluggish growth is hardly surprising when you factor in the government's decision to raise National insurance contributions and scrap the non-dom regime. Looking at the rest of the KPI portfolio, there are a few bright spots - particularly relating to spending. The government, to its credit, is on track to meet its proposals on delivering new NHS appointments, hiring more mental health staff and is likely to increase defence spending to 2.5 per cent of GDP. But, this raises wider questions about the government's overall strategy. What does this mean for our public finances when the government is meeting its spending commitments but not growing the economy as planned? Labour should think like a business In the end, the government's performance against these KPIs has been disappointing. Regardless of what one might think of their mission, they're far from making it a reality. And, they're struggling to deliver where it matters most - economic growth. Ministers now need to focus - really focus - on these KPIs. The PM, like any good CEO will need to hold his Ministers to account. Ministers who persistently fail to meet their targets will need to be replaced. When the KPI flashes red, they won't be able to hide behind the spin. The next twelve months will define this government's legacy. Delivering on these commitments won't just look good on a spreadsheet. It could also help restore public confidence and show that, after years of drift, there is finally a plan that works.
LeMonde
20-07-2025
- Business
- LeMonde
'The end of the UK's tax privilege for non-domiciled residents is an opportunity for France'
In April, the United Kingdom ended a tax privilege that had existed for more than two centuries: the non-domiciled (or "non-dom") status. Seen as a passport for tax optimization, this status applied to wealthy individuals living in the UK without being officially domiciled there: they were exempt from taxes on income earned abroad, provided those earnings were not repatriated to the UK. The "non-dom" status had helped make London a top destination for the global financial elite. While the British government hopes this reform will generate new tax revenue, it could also trigger an exodus of capital and talent of all kinds. In the contest to attract mobile wealth, and in a highly competitive environment, France has a valuable card to play. In 2023, there were nearly 74,000 beneficiaries of the "non-dom" status. This represented a considerable source of indirect tax revenue through luxury consumption, real estate investment and tuition fees paid to schools and universities. Their contribution to London's ecosystem thus went far beyond just income taxes. To soften the immediate impact of abolishing the status, the reform introduced a new transitional regime: a four-year exemption on foreign income for new arrivals, regardless of their domicile status. After this period, residents will be taxed on all global income. The British government is counting on an additional £3.2 billion (about €3.7 billion) in annual tax revenue. But the situation is complex, and the forecasts are not optimistic. The Adam Smith Institute has predicted that up to 30% of current "non-doms" could leave the country, causing a loss of human and financial capital that would be hard to offset. Meanwhile, the Henley Private Wealth Migration Report 2025 estimates that 16,500 millionaires could leave the UK in 2025. The situation is becoming increasingly serious, especially since Brexit, and London has lost a spot each year in the Forbes ranking of cities with the most billionaires in the world.
