Labour slammed as another top Brit billionaire flees UK over ‘Red Tape Rachel’ | Politics | News
Rachel Reeves faces fresh criticism after hedge fund billionaire Alan Howard became the latest high-profile wealthy person to move to Switzerland. Mr. Howard, co-founder of Brevan Howard Asset Management, has established residence in the mountainous European country after leaving Britain since the beginning of June 2025, according to U.K. registration files analyzed by Bloomberg on Dec. 23.
The 62-year-old, a leading donor to the Conservative Party with contributions exceeding £1.5 million since 2020, was based in Geneva from 2010 until returning to the UK in 2017 for personal reasons. Mr Howard’s move dovetails with Labour’s tax reforms, including the removal of the non-resident regime in April 2025, increases to capital gains tax and changes to inheritance tax.
Wealth advisors argue that such measures increase unrest among high-net-worth individuals, contributing to relocation to lower-tax areas Times.
Recent similar moves include property investors Ian and Richard Livingstone to Monaco, private equity figure Jeremy Coller to Switzerland, Revolut co-founder Nik Storonsky to Dubai, and steel tycoon Lakshmi Mittal, estimated to be worth £15.4bn, who switched her tax filings while spending more time in Switzerland and Dubai.
According to provisional figures from the Henley Private Asset Migration Report 2025, the UK is expected to lose a net of 16,500 millionaires in 2025; This is the highest figure globally, with an estimated £68bn of investable wealth expected to be allocated.
Destinations such as the UAE, Switzerland, Monaco, Italy and the USA benefit from more favorable rates on income, capital gains and inheritance.
Business Minister Peter Kyle acknowledged in November that some policies were causing divisions.
“I accept because of some of the decisions we’ve made, such as closing non-Dom tax loopholes, some people feel the need to leave,” he told Sky News.
Mr. Howard runs Brevan Howard, which manages billions of dollars of assets in global markets, including a significant expansion in Abu Dhabi. A spokesman for the company declined to comment.
This trend has fueled debate over Britain’s attractiveness to wealth creators, with critics linking it to Labour’s fiscal approach.
Ms Reeves has been individually dubbed “Bureaucracy Rachel” by bar owners and others due to regulatory burdens in industries such as hospitality.
