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A well-known Labour donor has openly criticized wealthy Britons who are threatening to leave the country due to potential tax increases. Dale Vince, a green energy mogul who has previously donated £5 million to Labour, has bluntly told those considering leaving over higher taxes to “go away,” stating that they don’t contribute much to the UK if they are only here for low taxes.
Vince has dismissed arguments that raising taxes will hinder entrepreneurship in the UK, labeling this perspective as “profoundly stupid.” Instead, he believes that Britain would be better off without individuals who are willing to depart if taxes are raised as anticipated by Shadow Chancellor Rachel Reeves in the upcoming Budget.
In anticipation of an autumn statement from the Chancellor that is expected to introduce various tax hikes to address a £40 billion deficit in the economy, speculation is rife about potential increases in capital gains tax and inheritance tax reform.
While the top 100 taxpayers in Britain contributed £3.9 billion in capital gains and income tax in the 2022-23 fiscal year, recent research suggests that over 6,000 millionaires are likely to leave the UK for the EU by the end of the year in anticipation of impending tax adjustments.
One of those contemplating a move is Charlie Mullins, the founder of Pimlico Plumbers, who has listed his £12 million London penthouse for sale and discussed relocating abroad.
Vince has not only targeted wealthy individuals considering leaving due to tax changes but also criticized ‘Nimbyism’ – specifically, those who oppose the government’s net-zero initiatives by protesting against new infrastructure such as electricity pylons and overhead cables.
He believes that rural residents must acknowledge that such projects contribute to the national economy and that some may need to adjust to this new reality.
With a net worth of about £100 million, Vince has come a long way from his modest beginnings. After dropping out of school at 15, he spent a decade traveling in a converted ambulance before establishing Ecotricity in 1995 with a windmill to power telephones at Glastonbury.
In addition to Ecotricity, Vince founded the lab-grown diamond company Skydiamond and oversees Forest Green Rovers, a vegan football club. He continues to solidify his position as one of Britain’s wealthiest green entrepreneurs.
