Prominent British entrepreneurs and Rich List members have issued a stark warning to Chancellor Rachel Reeves, claiming her proposed tax hikes on capital gains and inheritance will cripple family businesses, fuel an exodus of wealth creators, and trigger an “existential crisis” for UK enterprise.
In the wake of the latest Sunday Times Rich List, which revealed a record drop in the number of British billionaires, industry leaders are urging the Chancellor to rethink her approach — warning that her tax policies are already driving investment, talent and businesses abroad.
The Rich List recorded 156 billionaires, down 21 from the 2022 peak, and nine fewer than last year. It also revealed a 3% decline in total wealth across the top 350 entries, bringing combined fortunes to £772.8 billion — the third consecutive annual drop, something never before seen in the list’s 36-year history.
Among the most vocal critics is Tony Langley, head of the £1.7 billion Langley Holdings, who condemned a proposed 20% tax on family business transfers exceeding £1 million as a “catastrophic blow” to long-established firms.
“You’re killing the goose that lays the golden eggs,” said Langley. “Family firms employ 14 million people and are the backbone of the UK economy. Many don’t have the cash to pay such taxes — they’ll be forced to sell to private equity, with job losses to follow.”
Inventor and billionaire Sir James Dyson labelled the plans a “tax grab” that threatens “the very fabric of our economy”, while David Sullivan, co-owner of West Ham United, warned: “Starmer has driven dozens of my friends out of the UK with his attack on family businesses and pensions.”
Sullivan added that although he intends to remain in the UK, he is “very close to saying enough is enough”.
The backlash comes amid wider fears over Labour’s abolition of the non-dom tax regime, a move that has reportedly accelerated the departure of high-net-worth individuals. Christian Angermayer, the German-born investor, recently relocated to Switzerland, calling the change “the death blow to London.”
Lakshmi Mittal, the steel magnate, is also said to be considering departure after nearly 30 years in the UK. Sir Rocco Forte has already moved to Italy, slamming Labour’s economic stance as “anti-growth”.
Although Reeves has hinted that the phasing out of non-dom benefits might be softened, Treasury insiders say her room to manoeuvre is shrinking. Rising public debt (£2.8 trillion) and a growing deficit (£151.9 billion), combined with new US tariffs on UK exports, are likely to erode the £9.9 billion fiscal headroom she held just weeks ago.
Former Downing Street adviser Nick Williams has suggested Reeves may now have no option but to raise taxes further, given the constraints on cutting public spending or slashing benefits.
Even Jamie Dimon, CEO of JP Morgan and a Labour ally, has urged caution — suggesting a one-off charge of up to £400,000 for wealthy non-doms as an alternative to complete abolition.
Younger entrepreneurs join the revolt
Tech entrepreneur Barney Hussey-Yeo, a Rich List “40 under 40” member worth £161 million, said Reeves’s approach is chasing away the next generation of business leaders.
“Scrapping entrepreneurs’ relief, abolishing non-dom status, and hiking CGT was reckless,” he said. “The UK must compete — or watch its top talent walk.”
Latest HMRC figures show CGT receipts dropped 10% in 2024–25, raising questions over whether the Treasury’s policies are achieving their intended results.
The appeal of lower-tax jurisdictions is growing. Property developer James Stephens, who made his fortune in the UK but now lives in Dubai, said: “Scrapping non-dom status and expanding IHT to global assets is driving high-net-worth individuals to Dubai. But it’s not just tax — it’s safety, lifestyle, opportunity. I can’t see one reason to live in the UK right now unless you have to.”
Others are heading to Jersey, Guernsey, Monaco, and Italy, where favourable tax regimes now outshine post-Brexit Britain’s.
As the Chancellor prepares for her next fiscal steps, business leaders are urging her to reverse course before permanent damage is done to the UK’s attractiveness as a global hub for entrepreneurship, wealth creation, and family business.
Read more:
Rich List tycoons warn Reeves that tax plans threaten family firms and UK wealth creation