zlacker

>>fortra+(OP)
A lot of magical thinking in policy these days. Global rich people went to London BECAUSE of the tax treatment.

There was no magical property of London that attracts people DESPITE higher taxes.

Very difficult to have any policy discussion when a second order effect is involved.

>>graeme+C1
Why does it have to be assumed that having the ultra wealthy living in your country and not paying taxes is a net positive? It seems close minded to just ignore the possibility that those people are causing more harm than good.

>>foobar+c2
I think the consensus view is that they are massive net positive contributors (they still pay a lot in taxes in terms of things stamp duty or VAT, they spend lots of money in the country supporting business and employing people, and they don’t consume much in the way of resources like using the NHS or publicly funded schools).

I think the optics are clearly bad but the question I think people really have to ask is what they rather these people paying something in the country, or nothing at all (because there’s nothing keeping them there if it’s viewed as too expensive to stay)

>>balder+L6
Most of the luxury and high end restaurants are closing down precisely because they are leaving. Many with a lot of spending, including their employees, which do get VAT taxed as part of their consumption. They also hire a lot of people and stayed after Brexit for one reason or another, Football, Culture, Kid's Education, Use of English, Comparatively high living standard in London compared to other European Cities. They stayed even after Brexit, but I think with a lot of things happening a lot are moving. And within their circle knowing others are moving elsewhere has an effect on others planning to move as well.

Very unfortunate. Brexit didn't bring as much damage as some might expect. But this new government, or may be even previous government as well all compounded to the decision happening now.