Citing excessive taxation, the ultra high net worth individuals (UHNWI) of London are preferring to flee London, LondonlovesBusiness.com quoted David Scott, senior partner at Vestra Wealth as saying.
Speaking to LondonlovesBusiness.com, Scott warned, "They’re concerned that having spent their life building up businesses and having a degree of comfort in knowing what the regulation and tax is likely to be, they’re just feeling things are changing very rapidly and if they take steps to try and deal with that effectively, then things will unwind."
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He also suggested that the wealthy need to push back against government taxation, while the government needed to do more to help businesses.
LondonlovesBusiness.com quoted him as saying that though the government was pushing the super-wealthy near a tipping point, the only factor keeping them in London is the social side of London.
"When it’s a genuine case of someone trying to create money, we need to be more accommodating. If we could see more direct intervention then people might start to feel government is committed to enterprise," LondonlovesBusiness.com further quoted him as saying.
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