Times of London

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We’re fleeing high-tax Britain, say City tycoons
The Times of London

Two of Britain’s best known entrepreneurs are considering leaving Britain in protest against the new 50 per cent tax rate, as leading figures from business and the City warn of a talent exodus.

Hugh Osmond, the pubs-to-insurance entrepreneur, is thinking about a move to Switzerland. Peter Hargreaves, the £10 million-a-year co-founder of Hargreaves Lansdown, the financial adviser, is looking at the Isle of Man or Monaco. More are likely to follow.

Osmond, whose net worth is estimated at £230 million, said: « A lot of people will be off. It’s highly unlikely that I will continue to have the UK as my country of residence. It’s just as easy to work from any close location – Switzerland or wherever. »

Hargreaves, facing an extra £500,000 on his tax bill, warned: »I won’t pay, I’ll leave. »

Dozens of Britain’s best-known business figures have condemned the new tax grab. Sir Richard Branson said it was a “block to the next wave of entrepreneurs”. Tim Waterstone, founder of the Waterstone’s bookshop chain, slammed the tax as a “disincentive to entrepreneurs”.