British entrepreneurs have voiced strong opposition to Chancellor Rachel Reeves' proposed tax increases on capital gains and inheritance, asserting that these changes could severely impact family businesses, which are crucial to UK employment and economic stability. Following a significant decline in wealth among billionaires, industry leaders warn these tax policies may drive investment and talent abroad, further endangering the economy. Prominent figures like Tony Langley and Sir James Dyson have called the proposed taxes a "catastrophic blow" and a "tax grab," respectively, warning of dire consequences for job retention and overall economic health.
"You're killing the goose that lays the golden eggs," said Langley. "Family firms employ 14 million people and are the backbone of the UK economy. Many don't have the cash to pay such taxes - they'll be forced to sell to private equity, with job losses to follow."
Sir James Dyson labelled the plans a "tax grab" that threatens "the very fabric of our economy" and called for a reconsideration of the Chancellor's tax policies on wealth creators.
David Sullivan warned: "Starmer has driven dozens of my friends out of the UK with his attack on family businesses and pensions," indicating a larger trend of wealthy individuals leaving the country.
The Rich List recorded 156 billionaires, down 21 from the 2022 peak, and nine fewer than last year, indicating a worrying trend for the UK economy.
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