According to migration advisers Henley & Partners a record number of millionaires are fleeing the UK over Labour’s prospect of hiking taxes at the Autumn Budget.

The UK has been one of many places for the rich, but the Chancellor Rachel Reeves could have put an end to this, which therefore means there will be less money in the UK.

There is around 9,500 wealthy people who live in the UK who have a minimum of $1 million are expected to quit the UK because of the tax hikes, London will be hit the hardest.

The main reason for the wealthy quitting the UK and removing their assets is because of inheritance tax, capital gains tax, companies are expected to be hit with higher national insurance contribution, business rates and other tax increases.

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Yahoo finance reported, Stuart Wakeling, head of Henley & Partners’ UK office, said, “It’s clear that next year’s increase in tax for non-domiciled individuals, announced by the previous Conservative government in March, prompted people to start considering leaving, and this had a domino effect on UK nationals when they realised that capital gains and inheritance tax were the last ones remaining that could possibly be changed and make a difference to the budget shortfall.”

Andrew Amoils, New World Wealth’s head of research, said, “Over 60% of centi-millionaires are entrepreneurs and company founders, which makes them key when it comes to wealth creation.

“The businesses they start up have a significant positive spillover effect on the middle class as they create large numbers of well-paying jobs in their base country.

“It is also worth noting that most of the companies on the FTSE 100 were started by individuals who went on to become centi-millionaires.

“What many politicians and academics in the UK fail to understand is that there are several high-income countries globally that don’t levy capital gains tax, including the likes of Singapore, the UAE, and even New Zealand. There is also a much longer list of countries that don’t charge estate duty, including high-growth markets such as Canada, Australia, and Malta.”

He added, “In the new global world, these countries are all attractive migration options for English-speaking entrepreneurs.

“It is also worth noting that although the US charges a similar estate duty rate (40%) to the UK, the threshold there is much higher, which means only the super-rich need to pay it, whereas in the UK even upper-middle class individuals are pulled into it.”