Labour has been warned that a wealth tax could drive £100billion out of the country as the rich flee – hitting growth, investment and jobs.
Asset manager Rathbones said a fresh tax raid on wealth and property under a new Prime Minister and Chancellor ‘would be economically damaging to the UK’.
It is feared that a lurch to the left under a leader such as Andy Burnham following the resignation of Keir Starmer could see the tax burden soar even higher.
Current Chancellor Rachel Reeves has already announced £75billion of tax hikes since taking office less than two years ago - pushing the tax burden to its highest level since the end of World War II.
The resignation of Keir Starmer could see Andy Burnham take over as Prime Minister
