Latest news with #taxtherich
Bloomberg
2 days ago
- Business
- Bloomberg
Wealthy Exit UK Exclusive, Labour's Growth Gamble, Unilateral Tariff Threat
Your morning briefing, the business news you need in just 15 minutes. On today's podcast: (1) As the pace of wealthy individuals leaving London quickens, the numbers are starting to stack up: Labour's flagship 'tax the rich' policy risks becoming a net drain on the UK economy. (2) Rachel Reeves will pump billions of pounds into areas outside London as the Labour government tries to head off an electoral threat posed by Nigel Farage's Reform UK. (3) President Donald Trump said he intended to send letters to trading partners in the next one to two weeks setting unilateral tariff rates, ahead of a July 9 deadline to reimpose higher duties on dozens of economies. (4) The US ordered some staff to depart its embassy in Baghdad and authorized families of military service members to leave the region, officials said, after Iran threatened to strike American bases if it's attacked over its nuclear program. (5) The Pentagon has launched a review of the Biden-era Aukus pact to develop nuclear-powered submarines with Australia and the UK, as the Trump administration looks to shift the burden for collective defense to allies and make sure the US has enough warships of its own. (6) Northern Ireland has seen a third night of clashes between rioters and police, in violence that's been described by officials as racially motivated.
Bloomberg
2 days ago
- Business
- Bloomberg
Britain Counts the Mounting Cost of Taxing Wealthy ‘Non-Doms'
As the pace of wealthy individuals leaving London quickens, the numbers are starting to stack up: Labour's flagship 'tax the rich' policy risks becoming a net drain on the UK economy. Barely a day passes by without a big investor or entrepreneur exiting after the government abolished a two-century-old tax break for non-domiciled residents — well-heeled residents hailing from overseas. Billionaire founder Guillaume Pousaz and Nassef Sawiris, Egypt's richest man, are among those fleeing to European and Middle Eastern financial centers with promises of a lighter tax load, as what began as a trickle of exits quickly turns into an exodus.
