UK Faces Record Exodus of Millionaires Amid Reeves' Davos Diplomacy

Chancellor Rachel Reeves heads to the World Economic Forum in Davos amidst mounting criticism over her economic policies, including tax hikes that have reportedly driven a record number of millionaires out of the UK—10,800 in the last year alone. This figure represents a 157% increase compared to 2023, with one millionaire leaving the country every 45 minutes. Despite her efforts to attract foreign investment, critics, including Shadow Chancellor Mel Stride, argue that her policies are discouraging wealthy individuals and entrepreneurs from remaining in the UK. Reeves has not been allocated a speaking role at the Forum, which has drawn attention to her perceived snubbing by influential investors. Her recent budget adjustments, particularly targeting non-domiciled tax status, have further fueled concerns that they may ultimately harm the country's economic growth prospects. As the Chancellor seeks private meetings with business leaders, the political landscape remains turbulent, with claims that her administration's approach is counterproductive to its stated goals of fostering investment and economic stability.