Andy Burnham has been dealt a fresh blow as new research suggests almost one in three of Britain’s wealthiest people are considering leaving the UK amid growing concerns over tax changes and the economy. The latest Saltus Wealth Index Report found that 30% of high net worth individuals could consider moving abroad, with 8% actively exploring a permanent move within the next 12 months. Mike Stimpson, partner at Saltus, said the research showed a significant shift in attitudes towards leaving Britain.

“People do not uproot their lives over a single tax announcement, and our research does not suggest that Britain’s wealth creators are heading for the exits en masse,” he said.

“What it does show, however, is a marked change in the way people are thinking. Leaving the UK has moved from a distant idea to something that a growing minority are actively testing against their family, financial and personal circumstances.”

The report found that confidence in the UK economy among wealthy respondents had fallen over the past year, while 40% identified tax changes as a key risk to their wealth. Concerns about pensions and Inheritance Tax were also prominent, with many respondents worried about the prospect of further changes affecting their finances.

Henrietta Grimston, a chartered financial planner at Saltus, said she had seen more clients asking whether moving abroad was a viable option. “I have seen a substantial increase in clients querying the viability of a move abroad, with a clear goal being to reduce future Inheritance Tax concerns,” she said.

She added that some wealthy individuals had family connections or existing rights to live overseas, while others were exploring countries offering residency options to investors. However, Ms Grimston warned that relocating was not always straightforward, with access to healthcare, favourable tax arrangements and proximity to family all important considerations.

“The reality of missing out on time with family, particularly seeing grandchildren grow up or moving away from parents who may still be dependent, is a tough emotional decision to make,” she said.

Despite the growing interest in moving abroad, the research does not point to an imminent mass departure, with 70% of respondents saying they had no plans to leave the UK.

For those considering a move, the European Union was the preferred destination, while Spain and the United States were the most popular individual country choices.

The findings are based on a survey of 2,000 UK adults with at least £250,000 in investable assets, excluding their main home. The research was conducted by Censuswide in August 2026.

Andy Burnham Under Pressure as Britain’s Wealthiest Consider Leaving the UK

Britain’s debate over taxation, economic growth and the future of private investment has intensified as concerns grow that some of the country’s wealthiest individuals could choose to relocate abroad. At the centre of the political argument is a difficult question for the government: how can it raise the money needed to support public services without discouraging the entrepreneurs, investors and business owners whose activities help generate economic growth?

Andy Burnham’s economic approach has become part of this wider discussion, with critics questioning whether policies perceived as unfriendly to wealth creation could weaken confidence in Britain. Supporters of higher taxes on wealthy individuals, meanwhile, argue that the country needs a fairer contribution from those with the greatest financial resources.

The warning that Britain’s richest residents may be ready to leave has created a politically sensitive debate. If wealthy people move their businesses, investments or tax residence elsewhere, the consequences could extend beyond government revenue to employment, entrepreneurship and the country’s international competitiveness.

However, the issue requires careful examination. Not every wealthy person considering a move will actually leave, and not every departure produces the same economic consequences. The central challenge is determining whether Britain’s tax system can remain fair while keeping the country attractive to investment.

The Growing Dispute Over Wealth and Taxation

Taxation has become one of the most contentious questions in British economic policy. Governments face pressure to finance public services, improve infrastructure, support households facing rising living costs and strengthen national security. At the same time, they must manage public borrowing and create conditions in which businesses can expand.

These objectives can sometimes conflict.

Increasing taxes on higher incomes, investment returns or accumulated wealth may generate additional revenue, depending on the policy design and how taxpayers respond. Yet critics argue that excessive or unpredictable taxation can discourage investment and encourage some internationally mobile individuals to move to jurisdictions offering more favourable arrangements.

For wealthy residents, the decision to relocate may involve several considerations beyond taxation. Family circumstances, business operations, access to financial markets, political stability, education and quality of life can all influence where someone chooses to live.

Nevertheless, taxation can be an important factor, particularly for individuals whose businesses and investments operate internationally.

That is why proposals affecting capital gains, inherited wealth, property and investment income attract such intense attention. Even when a tax increase applies only to a relatively small group, its consequences may reach wider sections of the economy if it changes investment decisions or business expansion plans.

The political challenge for Burnham and other policymakers is to demonstrate that any changes will raise revenue without undermining confidence in Britain’s economic future.

Are Britain’s Richest Residents Really Preparing to Leave?

Warnings about a potential departure of wealthy individuals have featured prominently in recent British tax debates. Some business leaders have publicly argued that higher taxes could encourage entrepreneurs and investors to consider moving overseas.

A report published by The National on 5 October 2026 described departures by several ultra-wealthy individuals and estimated that more than a dozen people with multibillion-pound fortunes had left or reduced their ties with Britain. The report attributed its analysis to the Bloomberg Billionaires Index. Such estimates concern a specific group of extremely wealthy people and should not be interpreted as proof that all wealthy Britons are preparing to leave.

The distinction matters because headlines about an exodus can create the impression that a much broader movement has already taken place.

Official figures also provide a more complicated picture. HM Revenue and Customs reported that approximately 73,400 individuals claimed non-domiciled taxpayer status in the 2024–25 tax year, a decrease of around 400 compared with the previous year. The category is a specific tax classification and is not a complete measure of wealthy people moving into or out of Britain.

HMRC also reported that the combined income tax and National Insurance liabilities of non-domiciled and deemed domiciled taxpayers reached £13.6 billion in that tax year, up 9 per cent from the previous year. These figures show why changes in the population of internationally mobile taxpayers cannot be understood simply by counting departures.

The government has also acknowledged that it does not possess a comprehensive record of every high-net-worth individual who leaves the UK. Consequently, claims about the scale and financial impact of wealthy departures should be treated carefully.

The evidence supports the existence of a genuine debate about international mobility and taxation. It does not establish that every warning of a mass exodus will become reality.

Why Business Leaders Are Concerned

For entrepreneurs and investors, confidence in the tax system is often as important as the headline rate.

Businesses make decisions over several years. They invest in equipment, recruit employees, develop products and commit capital to projects that may not generate profits immediately. When governments change tax arrangements frequently or introduce measures that investors consider unpredictable, some businesses may delay decisions while they assess the consequences.

The potential impact is especially important for companies founded by individuals whose personal wealth is closely connected to their businesses.

An entrepreneur considering retirement or selling a company may pay close attention to capital gains tax. A property investor may focus on changes affecting rental income or asset values. An internationally mobile business owner may compare the rules in several countries before deciding where to establish a permanent residence.

Business leaders who oppose higher taxation argue that the consequences could include fewer new investments, reduced entrepreneurial activity and the movement of financial resources overseas.

However, the opposite argument also deserves attention. Public services, transport infrastructure, education, healthcare and a stable legal system help create the conditions in which businesses can operate successfully. Taxes contribute to financing these services, and a well-designed tax system can support economic stability rather than simply discourage investment.

The real issue is therefore not whether taxation matters, but how policies can be structured to balance public revenue with incentives for productive economic activity.

The Political Challenge for Andy Burnham

For a government associated with greater public investment or a stronger role for the state, concerns about wealthy taxpayers leaving can become a significant political test.

Critics may argue that policies intended to redistribute wealth risk reducing the resources available to redistribute if they encourage substantial changes in investment or residence. They may also question whether projected tax revenues adequately account for behavioural responses.

Supporters of a more progressive tax system counter that wealthy individuals should contribute according to their means and that governments should not abandon policies designed to improve public services simply because some taxpayers threaten to relocate.

Both arguments raise important questions about economic incentives and social responsibility.

For Burnham, the challenge would be to explain how the government intends to fund its priorities while maintaining a credible environment for business. That means providing greater clarity about proposed tax changes, explaining their expected effects and demonstrating how additional revenue would be used.

Businesses generally benefit from knowing the rules under which they will operate. Clear policies and stable long-term planning can reduce uncertainty, allowing companies to make decisions based on genuine commercial opportunities rather than speculation about future legislation.

Political communication also matters. If business owners believe that the government views wealth creation with suspicion, relations could deteriorate even before a proposed tax takes effect. Conversely, a credible commitment to investment and economic growth may help reassure companies while allowing the government to pursue its wider objectives.

The debate is therefore about more than a single tax proposal. It concerns the relationship between government, wealth creation and the long-term direction of the British economy.

Could Wealthy Departures Damage the Economy?

The potential consequences depend on who leaves, what they own and whether their economic activities move with them.

If a wealthy individual changes their tax residence but continues to own and operate a British business, the effect may differ considerably from that of an entrepreneur who relocates a company’s headquarters, investment programme and new employment opportunities.

Similarly, a person selling an investment and moving abroad does not necessarily remove the entire value of that investment from Britain. Assets may remain held through British companies, be purchased by other investors or continue to generate economic activity domestically.

Government revenue is also affected by more than the number of people who depart. The amount of tax each person would otherwise have paid, their future income, the nature of their assets and the timing of their move all influence the eventual outcome.

This makes sweeping estimates particularly difficult to assess.

Nevertheless, policymakers have good reasons to monitor the issue. If tax changes consistently discourage investment or lead companies to move valuable activities overseas, the consequences could include lower future revenue and fewer economic opportunities.

But there is also a risk in assuming that all reductions in taxes on wealthy individuals will automatically generate enough additional investment to compensate for lost revenue.

The relationship between taxation, migration and economic growth is complex. It requires evidence rather than relying exclusively on warnings from business leaders or promises made by politicians.

Britain’s International Competitiveness

The United Kingdom competes with other countries for investment, entrepreneurs, financial services and skilled workers. Wealthy individuals can sometimes choose between several destinations, particularly when their businesses have international operations.

Countries seeking to attract investors may offer different combinations of tax rates, residency rules, business incentives and public services. However, taxation is only one part of the decision.

Access to capital markets, a skilled workforce, reliable infrastructure, political stability and a respected legal system can make Britain attractive even when some taxes are higher than those elsewhere.

London remains an important international financial centre, while British universities, technology companies and professional services firms contribute to the country’s economic appeal.

Protecting these advantages requires more than reducing or increasing a particular tax. It requires policies that encourage productivity, support innovation, improve skills and give businesses confidence to plan for the future.

A competitive tax system should also be evaluated in terms of fairness and effectiveness. Complicated rules, loopholes and uncertainty can undermine public confidence while making it harder for businesses to understand their obligations.

For Burnham, the broader question is whether Britain can create an economic environment in which successful businesses want to remain, invest and employ people while ensuring that public finances remain sustainable.

The Importance of the Upcoming Budget

The government’s budget decisions are likely to shape the next stage of the argument.

Before the budget scheduled for 28 October 2026, taxation and investment have been central to discussions about how Britain should address its fiscal pressures. Reporting on 20 October indicated that Chancellor John Healey had decided against raising capital gains tax, amid concerns that an increase could discourage investment or encourage some wealthy individuals to relocate.

That decision illustrates the tension confronting policymakers. Increasing revenue can help finance government commitments, but a measure that changes investment behaviour may produce consequences that are difficult to predict.

The government must also consider the distribution of the tax burden. Raising revenue from banks, changing the treatment of investment returns or reducing public spending would each have different effects on households, businesses and the wider economy.

There is no simple solution. Every option involves trade-offs, and the outcome depends on the details of the policy and the economic circumstances in which it is introduced.

Investors will be watching for clarity, while households will want to know whether the government’s choices improve public services and address the cost of living.

A successful approach would need to explain not only how much revenue a measure is expected to raise, but also how it could affect investment, employment and long-term growth.

A Debate That Extends Beyond One Politician

The controversy surrounding wealthy people potentially leaving Britain reflects a much wider question about the country’s economic model.

Britain needs businesses that invest, entrepreneurs who create jobs and a tax system capable of financing essential public services. These objectives should not automatically be treated as mutually exclusive, but achieving them requires careful policy design.

Those who favour higher taxes on wealth argue that economic prosperity must benefit society more broadly. Those who warn about capital flight argue that the government risks undermining the very activity on which future prosperity depends.

Both perspectives raise questions that deserve scrutiny. The evidence must establish whether a particular tax change is likely to generate meaningful revenue, how taxpayers might respond and whether alternative policies could achieve the same objective with fewer unintended consequences.

Claims that Britain’s wealthiest people are ready to flee should therefore be examined in context. Some individuals have reportedly relocated or reduced their British connections, but the scale of any broader movement remains difficult to establish conclusively.

For Andy Burnham, the political test is whether the government can maintain confidence in Britain’s economic prospects while meeting its commitments to public services and fiscal responsibility.

Ultimately, the country’s success will depend not simply on whether its richest residents stay, but on whether Britain remains a place where businesses can grow, workers can build secure futures and public institutions have the resources they need.

The argument over wealth and taxation is unlikely to disappear soon. As the budget approaches, the decisions made by the government will help determine whether Britain can reconcile fairness, investment and economic growth without allowing fears of a wealthy exodus to overshadow the wider national debate.