<\/p>\n
UK Minister Admits Concern as Billionaires Threaten to Leave Over Tax Fears<\/strong><\/p>\n London, 25 November 2025<\/strong> (BNN Web Staff)<\/strong> \u2013 Business Secretary Peter Kyle has openly admitted he is \u201cworried\u201d that some of Britain\u2019s wealthiest individuals, including Indian-origin steel tycoon Lakshmi Mittal, are considering leaving the country because of Labour\u2019s planned tax increases.<\/p>\n Speaking to Sky News on Monday, just 48 hours before Chancellor Rachel Reeves delivers her crucial Budget, Kyle responded to reports that Mittal is shifting his tax residency to Switzerland and is also exploring a move to Dubai \u2013 jurisdictions with little or no inheritance tax.<\/p>\n \u201cWhen anyone feels they have to leave the UK to succeed, that concerns me,\u201d Kyle said. He acknowledged that the government\u2019s decision to abolish the centuries-old \u201cnon-dom\u201d tax regime \u2013 which allowed wealthy foreign nationals to limit tax on overseas income \u2013 combined with expected rises in capital gains tax and inheritance tax, is prompting an exodus among some ultra-high-net-worth individuals.<\/p>\n Lakshmi Mittal in the Spotlight<\/span><\/strong><\/p>\n Reports claim the ArcelorMittal chairman and one of Britain\u2019s richest residents is particularly alarmed by potential changes to inheritance tax, which currently stands at 40% on estates over \u00a3325,000 but does not exist in Dubai or Switzerland.<\/p>\n A Delicate Balancing Act<\/strong><\/p>\n While Kyle conceded that \u201csome people are leaving\u201d, he stressed that many international entrepreneurs and investors are still being attracted to Britain because of the government\u2019s pro-growth agenda and the dynamism of the UK economy.<\/p>\n The admission comes at a sensitive moment. Reeves is widely expected to announce up to \u00a340 billion in tax rises and spending cuts on Wednesday to plug what Labour describes as a \u201c\u00a322 billion black hole\u201d left by the previous Conservative government.<\/p>\n Critics, including the Conservative Party, have accused Labour of risking a \u201cbrain drain\u201d of wealth and talent, warning that driving away high earners and successful business founders will ultimately reduce the tax take and damage long-term growth.<\/p>\n Kyle insisted the government remains committed to making Britain \u201cthe best place in the world to start and grow a business\u201d, but his candid expression of concern underscores the political tightrope the new administration is walking as it tries to raise revenue without triggering a flight of capital.<\/p>\n UK Minister Admits Concern as Billionaires Threaten to Leave Over Tax Fears London, 25 November 2025 (BNN Web Staff)<\/p>\n","protected":false},"author":3,"featured_media":2762,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"colormag_page_container_layout":"default_layout","colormag_page_sidebar_layout":"default_layout","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[229],"tags":[2268,2269,674,2270,2271,2272,2140,2273,2274,2275,2276,2277,2278,1595,2279,2280],"class_list":["post-33609","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-world-news","tag-arcelormittal-chairman","tag-billionaires-leaving-uk","tag-bnn-web","tag-britain-economy","tag-capital-gains-tax-uk","tag-inheritance-tax-uk","tag-labour-government","tag-lakshmi-mittal-tax-move","tag-non-dom-tax-removal","tag-peter-kyle-statement","tag-rachel-reeves-budget","tag-uk-budget-2025","tag-uk-business-climate","tag-uk-news","tag-uk-political-economy","tag-wealth-exodus-britain"],"magazineBlocksPostFeaturedMedia":{"thumbnail":false,"medium":false,"medium_large":false,"large":false,"1536x1536":false,"2048x2048":false,"colormag-highlighted-post":false,"colormag-featured-post-medium":false,"colormag-featured-post-small":false,"colormag-featured-image":false,"colormag-default-news":false,"colormag-featured-image-large":false},"magazineBlocksPostAuthor":{"name":"admin","avatar":"https:\/\/secure.gravatar.com\/avatar\/18e12f979c7dbcc2096868fc531de295a11443c392b4bb6e60ce343131707eaa?s=96&d=mm&r=g"},"magazineBlocksPostCommentsNumber":false,"magazineBlocksPostExcerpt":" UK Minister Admits Concern as Billionaires Threaten to Leave Over Tax Fears London, 25 November 2025 (BNN Web Staff)","magazineBlocksPostCategories":["World News"],"magazineBlocksPostViewCount":1,"magazineBlocksPostReadTime":2,"magazine_blocks_featured_image_url":{"full":false,"medium":false,"thumbnail":false},"magazine_blocks_author":{"display_name":"admin","author_link":"https:\/\/mediapbn.com\/?author=3"},"magazine_blocks_comment":0,"magazine_blocks_author_image":"https:\/\/secure.gravatar.com\/avatar\/18e12f979c7dbcc2096868fc531de295a11443c392b4bb6e60ce343131707eaa?s=96&d=mm&r=g","magazine_blocks_category":"World News<\/a>","videoUrl":"","yoast_head":"\n