One of the most worrying aspects of our current government's disastrous economic policy is that it drives out those who create wealth (see yesterday's Sunday Times, above). They're leaving in their droves.
Of the seven wealthiest Brits illustrated (above) who have quit the UK in recent times (amongst 275,000 others), five have gone to Dubai, one to Switzerland/Dubai, and one to Jersey. Even the eight times named 'Britain's Richest Man', Lakshmi Mittal, has gone, and will now pay his taxes to Switzerland, and spend his pocket money in Dubai.
It might be an idea for the fragrant Rachel Reeves to have a look at Dubai's economy, and try to understand why our wealthiest businessmen are ending-up there, as THEIR economy thrives, and OURS fails.
Within the whole UAE, Dubai has one of the strongest economies, and they are hoping to double their foreign trade, and establish their city as a global business and tourist destination in the near future; you don't do that by frightening away your wealth-creators. Their aim can only be achieved by encouraging investment and innovation, and that is exactly what they're doing; the opposite of the UK.
Meanwhile back in dreary old Socialist London, Reeves looks for more and more ways to take money away from those who have contributed so much to the UK's past success. To frighten them away with threats of ever higher taxation.
I would like to suggest that the fragrant Ms Reeves pops over to Dubai, and asks some of their financial wizards how it's done!
Of course, whether she would listen to them or not is another question. A Socialist taking advice from a Capitalist is very unlikely. THAT is our problem.
It is all very sad. The Conservatives have only themselves to blame. They are useless or we thought they were until we see this lot. Totally incompetent and that is the honest ones. Ho hum, I'll survive.
ReplyDeleteWait till Wednesday; goodness only knows what she's got in store for us.
DeleteHave you copied and pasted this article from the fragrant "Daily Mail"? The reason for Dubai's prosperity can of course be summed up in one word: oil! As for the tiny number of departees: Good riddance to them! 69 million of us are staying put in this wonderful kingdom. The population of air-conditioned, concrete Dubai is 4 million.
ReplyDeleteThe UK had oil, just like Norway. They created a sovereign wealth fund from the proceeds, the UK wasted theirs.
DeleteThank you for your concise summoning up, YP.
DeleteCro, I don't get it. I was brought up to share my good fortune (whenever I have any) with others. That you [l'artiste] of all people would defend misers who have more than enough yet are "spooked" by taxes is beyond me. Common good and all that.
U
I can't see anywhere where I defended misers. But your vision is always a bit 'special'. What I was doing (if you read it again) is to point out that frightening such people away is a disaster. Nobody will say otherwise; other than one or two extreme Socialists.
DeleteI might remind YP that we too have Oil and Gas, but a bunch of lefties in Westminster refuse to allow us to use it. We buy it from abroad instead.
Dubai has very little in the way of oil reserves. The majority of the UAE oil is in the neighbouring emirate of Abu Dhabi. Abu Dhabi bailed out Dubai in 2009 with a $10 billion loan.
DeleteDubai’s wealth comes from trade and tourism. It also doesn’t really care who goes there as long as they have money - there is a lot of Russian money there now. And, finally, don’t forget the huge number of low paid migrant workers, pretty much slave labour.
Traveller is right. To attract wealth is good for an economy; to frighten it away isn't. I just hope that eventually YP and U understand that!
Delete