Labour’s continual pessimism about the state of the UK economy is likely to be more damaging than the £22 billion deficit they inherited, warns the CEO of one of the world’s largest independent financial advisory and asset management organisations.
The stark warning from deVere Group’s Nigel Green comes after the downbeat Labour Party conference in Liverpool, which focused on the ‘gap’ in the public finances, and ahead of the first true test of the new government: the Budget on 30 October.
He says: “With the looming spectre of ‘hard decisions’ and fears of brutal tax reforms in the upcoming Budget, the messaging from the new government is not just grim—it’s threatening to drive away the very people and businesses that are crucial to economic growth.
“High-net-worth (HNW) individuals, job creators, and tax-paying contributors are considering leaving the UK, not out of disloyalty, but out of sheer necessity.
“And this is before Labour has even formally introduced its much-feared tax hikes.
“Talk of increasing National Insurance contributions—in…
