Wealthy individuals threatening to leave the UK to avoid expected tax increases should “f— off,” according to Dale Vince, green energy tycoon and major Labour donor.
Vince, who has donated £5 million to Labour, dismissed as “profoundly stupid” the idea that higher taxes could harm UK entrepreneurship, asserting that those solely interested in low taxes are welcome to leave.
“If people only live here because they pay less tax, they should f— off,” Vince said. “This is a brilliant country. There’s no way people won’t live here because of a fairer tax system.” His comments come as Chancellor Rachel Reeves prepares to announce tax increases aimed at addressing a £40 billion fiscal gap in her Autumn Budget, with wealthy taxpayers likely to bear the brunt. Measures may include capital gains tax increases and inheritance tax reform.
Britain’s top 100 taxpayers contributed £3.9 billion in capital gains and income tax in 2022/23, making them a crucial target. However, new data indicates that over 6,000 UK millionaires are considering relocating to the EU by year-end to escape potential tax hikes. Among them is Charlie Mullins, the founder of Pimlico Plumbers, who has put his £12 million London penthouse up for sale, stating he plans to leave to avoid a financial “raid.”
While other prominent Labour donors like South African businessman Gary Lubner and Lord Sainsbury have remained silent on the tax debate, Vince stands firm, arguing for a fairer tax structure.
Vince also criticised those opposing the net-zero agenda, especially Nimbys resistant to infrastructure projects like electricity pylons. “Countryside dwellers need to accept that this is a contribution to our national economy,” he said, emphasising the importance of green infrastructure.
A former nomad who founded Ecotricity in 1995, Vince has built a £100 million fortune through renewable energy and innovative ventures, including Skydiamond, a lab-grown diamond company, and Forest Green Rovers, a vegan football club. Known for his outspoken views, Vince is unafraid of controversy, once famously rebuffing a proposal from the late turkey magnate Bernard Matthews, likening his poultry operations to “a concentration camp.”
Jamie Young
Jamie is a seasoned business journalist and Senior Reporter at Business Matters, bringing over a decade of experience in UK SME business reporting.
Jamie holds a degree in Business Administration and regularly participates in industry conferences and workshops to stay at the forefront of emerging trends.
When not reporting on the latest business developments, Jamie is passionate about mentoring up-and-coming journalists and entrepreneurs, sharing their wealth of knowledge to inspire the next generation of business leaders.
