Steven

So you're saying if you start to tax...

What do billionaires own? Companies. And where do companies get their money from? Revenues. And where do the revenues come from? Purchasing.

What do billionaires own? Companies. And where do companies get their money from? Revenues. And where do the revenues come from? Purchasing.

And where do those people live? All over the world. We can tax them at that point.

And where do those people live? All over the world. We can tax them at that point.

I know how profit shifting works.

I know how profit shifting works.

Companies selling to the UK, the US, enormous amount of profit in the US. And they turn around and say, actually, our profit's not in the US. You think the US is incapable of going and looking if that's seeing really where the profit is?

Companies selling to the UK, the US, enormous amount of profit in the US. And they turn around and say, actually, our profit's not in the US. You think the US is incapable of going and looking if that's seeing really where the profit is?

Are we seeing that now with this, they call it the millionaire exodus, which is, for people that don't know, the UK is set to lose the greatest proportion of millionaires in the world this parliament. I'll put a graph on the screen, which is this one here, this one here. And that little red line here is us losing all of our millionaires at the moment.

Are we seeing that now with this, they call it the millionaire exodus, which is, for people that don't know, the UK is set to lose the greatest proportion of millionaires in the world this parliament. I'll put a graph on the screen, which is this one here, this one here. And that little red line here is us losing all of our millionaires at the moment.

And in 2024, it's estimated that 10,800 high net worth individuals left the UK, which is a 157% increase from the previous year, which means that one millionaire is departing every 45 minutes. The UK millionaire exodus is equal to losing 530,000 average taxpayers annually. And another stat, the top 10% of earners in the US account for nearly half of all consumer spending.

And in 2024, it's estimated that 10,800 high net worth individuals left the UK, which is a 157% increase from the previous year, which means that one millionaire is departing every 45 minutes. The UK millionaire exodus is equal to losing 530,000 average taxpayers annually. And another stat, the top 10% of earners in the US account for nearly half of all consumer spending.

The top 1% of income taxpayers in the UK are projected to contribute about 30% of total income tax from 2024 to 2025. Why are all these millionaires running away?

The top 1% of income taxpayers in the UK are projected to contribute about 30% of total income tax from 2024 to 2025. Why are all these millionaires running away?

Well, it's not because they're taxing their wealth, because we don't have any wealth taxes. Why do you think they're leaving? I think the reason they're leaving is because the UK economy is really, really weak. Because the UK consumer is really, really weak. Because you've absolutely crushed the spending power of your average British family.

Well, it's not because they're taxing their wealth, because we don't have any wealth taxes. Why do you think they're leaving? I think the reason they're leaving is because the UK economy is really, really weak. Because the UK consumer is really, really weak. Because you've absolutely crushed the spending power of your average British family.

The average British family can barely afford to feed the kids and turn the heating on. So why are you going to start a business here when the customers are absolutely impoverished?

The average British family can barely afford to feed the kids and turn the heating on. So why are you going to start a business here when the customers are absolutely impoverished?

So the reason they left is because we used to allow them to not pay tax.