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Yesterday’s Budget raised the relative cost of using: 📈 employees v contractors 📈 low-paid v high-paid staff 📈 labour v capital This will have consequences on the labour market, whether intended or not.

This is quite strong language from someone who obviously doesn't understand that trusts also currently benefit from Agricultural Relief and Business Relief and this reform is capping it for them as well.

Non-doms are now within IHT regime and will be looking to limit their exposure. Without any cap on AR, this surely involves buying up an absolute tonne of farmland...also not good for real farmers. They will still do this to some extent, as relief at 50% is better than nothing.

About those 10,800 millionaires who left the UK... it's based on fewer than 100 people, who changed location on LinkedIn... not a serious study. Tim Harford.bsky.social already debunked these stats ages ago. Why are they still being reported as fact? bbc.co.uk/sounds/play/m0…

Switzerland currently raises 1% of GDP from its wealth tax, equivalent to a bit over £500m per week for UK. (But doesn't have CGT or full IHT) All this and more covered in the evidence papers of the Wealth Tax Commission (wealthandpolicy.com), available for anyone to read.