@GeofCox@climatejustice.social
2026-04-01 09:57 UTC
Good to see the Korean President debunking this 'the wealthy will leave' myth.
I recently followed up the source of one of these media stories about an 'exodus' of UK millionaires - it was New World Wealth - a one-man-band using a co-working space in Johannesburg, South Africa, with a 'GoDaddy' website - and if you clicked on its 'Britain's Wealth Exodus' report link it just took you to a press release from last October from a 'wealth migration' consultancy (which is in fact trying to encourage migration for obvious business reasons). Nothing about the story had any journalistic credibility at all.
And that's, of course, leaving aside the really big unsupported assumptions in such views - the two biggest being:
1. That tax from the wealthy 'pays for' public services (it doesn't - it just mitigates inflationary pressure, which is also accomplished by the wealthy leaving the country), and
2. That the wealthy living in the UK means they invest productively in the UK (but by and large, in fact they don't - indeed their UK 'investments' are likely to be in unproductive assets like property and shares, etc, already in circulation, so tending generally to make most UK residents worse off).
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