Video Description

Britain has seen the rich leaving in their droves. Natasha Feroze interviews Michael Simmons, the magazine’s economics editor and author of the cover story exploring the mass exodus of wealthy individuals from the UK. London alone lost over 11,000 millionaires last year – a trend caused by a series of tax reforms, particularly the abolition of the non-dom regime and the removal of "grandfathering" protections. With the top 1% of earners contributing nearly a third of income tax—and a much smaller group providing millions each—the loss of even a handful has deep fiscal consequences. How can Britain sustain its public services if it drives away its biggest taxpayers? #wealthcreation #economy #growth // CHAPTERS 00:00 – Introduction 00:28 – Monopoly-themed cover 00:56 – Scale of exodus 02:14 – Tax contributions 04:36 – Non-dom reform trigger 06:17 – Grandfathering removed 07:52 – Warnings ignored 09:34 – Flawed economic modelling 11:07 – Real-world exits 16:01 – Tax burden shift // SUBSCRIBE TO THE SPECTATOR Get 12 issues for £12, plus a free £20 John Lewis/Waitrose voucher https://www.spectator.co.uk/tvoffer // FREE PODCASTS FROM THE SPECTATOR Hear more from The Spectator's journalists on their podcasts, covering everything from the politics of the UK, US and China, to religion, literature, lifestyle and more. https://www.spectator.co.uk/podcasts/ // FOLLOW US https://www.twitter.com/spectator https://www.facebook.com/OfficialSpectator https://www.linkedin.com/company/the-spectator https://www.instagram.com/spectator1828 https://www.tiktok.com/@thespectatormagazine