Labour’s Taxes Are Driving People Out of Britain, Business Secretary Admits
24th November 2025
Labour’s tax rises are forcing wealthy people to flee Britain, the Business Secretary has admitted.
Peter Kyle said he was not going to “duck the fact” that individuals of a high net worth had been driven out by Rachel Reeves’s tax raid on non-doms.
He also said entrepreneurs were abandoning Britain “in their droves” because they “haven’t had the funding to succeed”.
Labour has been accused of targeting wealthy people with tax rises while plotting £15bn of extra benefits spending in this week’s Budget.
On Monday, Mr Kyle was asked whether the Government was prepared to acknowledge that Labour’s tax decisions had led to people leaving the country.
He said: “I do. I’m not going to duck the fact that we have put up taxes, and we’ve closed some of the loopholes for non-doms.
“Some people are going to leave because they are here because of how the old non-dom system worked.”