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\t\t\t<\/p>\n\t\t\tWednesday 02 September 2026 5:58 am
\n\t\t\t\t\t\u00a0|\u00a0\u00a0Updated:\u00a0<\/p>\n
\t\t\tTuesday 01 September 2026 11:21 am\n\t<\/p>\n
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Britain has the lowest number of millionaires since the financial crash but Andy Burnham seems to have plans to stem the tide. Here\u2019s what he should do, according to James Hodgkinson<\/p>\n
The sad truth is that Britain is getting poorer. Last year saw the number of UK millionaires reach just 442,000<\/a>. A grim milestone, and the lowest level recorded since the devastation of the 2008 financial crash.\u00a0<\/p>\n In reality, it\u2019s no surprise. A stagnant property market<\/a> has dragged down asset values, and the rising cost of living hit household savings hard. But the most concerning trend is the wealth exodus. Successful, hardworking and entrepreneurial Brits are fleeing our shores for pastures new. The reason? Punitive taxes and reams of red tape have made building and scaling a successful business feel like a losing battle.\u00a0<\/p>\n Of course, this does not happen in insolation. Economic growth<\/a> has flatlined, workforce productivity<\/a> is stuck in the doldrums, and unemployment has spiked once again<\/a>. This is hardly the hallmark of a successful economic settlement, and it has put distinct pressures on the rest of our financial system.\u00a0<\/p>\n Take Britain\u2019s ballooning welfare bill. Across the last decade, spending on working-age sickness benefits have risen by nearly 50 per cent<\/a>, while the government\u2019s total welfare spend has increased by over \u00a3100bn<\/a>. Unfortunately for all of us, someone has to pick up the tab.\u00a0<\/p>\n And in the wake of the government\u2019s manifesto pledge not to increase taxes on so-called \u201cworking people<\/a>\u201d, that burden is falling on an ever-shrinking group. Now, it is the business owners and wealth creators who form the essence of the British economy that have come into the sights of the taxman.\u00a0\u00a0<\/p>\n It goes without saying that this direction of travel is not new. After all, it was a Conservative government<\/a> that announced the end of the non-dom regime, forcing hundreds of investors to flee to countries where their wealth was welcomed, like Italy, Greece, Malta and Ireland<\/a>.\u00a0<\/p>\n An assault on enterprise<\/p>\n But the last two years have seen a sinister increase in the pace of change. Britain\u2019s domestic tax burden is at its highest level since the second world war<\/a>, changes to inheritance tax on farmland<\/a> threatens centuries-old rural traditions, and red-tape on small businesses \u2013 such as the \u00a3680m cost<\/a> imposed by trade union access provisions Employment Rights Act \u2013 threatens to strangle home-grown enterprise before it has the chance to get off the ground. And as HMRC officers<\/a> are instructed to invade the privacy of family homes to gather data for the new \u2018mansion tax\u2019, hostility to aspiration has moved from tough rhetoric to concrete actions.\u00a0<\/p>\n \t\t\t\t\tRead more<\/p>\n \t\t\tGary Stevenson is right, rich people want to help Britain \u2013 here\u2019s how to let them do it<\/a><\/p>\n So far, the results of the assault on enterprise have been as expected. Catastrophic. From Ian Livingstone<\/a> to Mark Makepeace<\/a>, Britain\u2019s brightest business brains have beaten a hasty retreat. But this exodus is not the only warning sign. For many ordinary Brits, these taxes mean starting a business is no longer worth the risk. Last year, the rate of business creation reached its lowest level since 2017<\/a>, a frankly embarrassing record for any government that claims to support social mobility and economic growth.\u00a0<\/p>\n And as Andy Burnham comes to the House of Commons as our Prime Minister, uncertainty prevails. After weeks of spending pledges that have felt like a pre-election bonanza (only without the election), one important question remains. Who will pay for this expanded government agenda?\u00a0<\/p>\n So far, the only thing which appears to be certain is uncertainty itself. After repeated questioning<\/a> on whether the new administration will increase taxes in the October budget, government ministers remain tight-lipped. But with the allure of future government handouts, accompanied by the shrill cries of Gary Stevenson and his band of so-called \u201cpatriotic millionaires<\/a>\u201d, it is a move that Treasury officials may find hard to resist. Needless to say, it would be a grave misstep.\u00a0<\/p>\n