Enda Brady: UK correspondent on billionaires fleeing the UK amid rising tax pressures

Britain has lost more billionaires than any other nation over the past two years, and there's fears a tougher wealth tax could drive these figures up.

New research has found the UK lost nearly a quarter of its billionaires between 2023 and 2024, with many of the UK's wealthiest individuals moving their tax residency to low-tax jurisdictions. 

UK correspondent Enda Brady says many of these rich-listers have moved to places like Switzerland, Monaco and Dubai - which have far more favourable tax regimes.

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Episode Transcript

Speaker 1 (00:00):
Bryan Bridge in the Bradys a UK correspondent in the
Welcome to the program.

Speaker 2 (00:05):
Hey Ryan, good to speak to you again.

Speaker 1 (00:07):
Good to talk to you too. How many billionaires have
quit the UK in the last two years? This has
been a big issue for you guys.

Speaker 2 (00:14):
Yeah, a lot of wealth draining out of the UK.
And the answer is eighteen dollars billionaires have left Britain
inside the past two years. Now. The previous Conservative government
decided to take a look at taxation for extremely wealthy
foreigners and they had this non domicile rule, they call
it the non dom rule. Previously, you were able to

(00:37):
live here, pay UK tax on your UK earnings, but
they would ignore your global earnings. And then the Conservatives
decided that actually, these very wealthy people earning money from
all over the world, they should be taxed on all
their other earnings as well in the UK. So by
bringing that rule in, you know, these are very financially

(00:58):
fluid people. They can move very quickly, and they've decided
eighteen of them, these billionaires, they've had enough, so they've
moved to places like Switzerland, Italy, Monaco and Dubai far
more favorable tax regimes where they're not that interested in
your global earnings. But it's a big problem for Starmer.
Now that is eighteen dollar billionaires gone in two years.

Speaker 1 (01:21):
Wow. Now speaking of wealthy Jimmy Choo shoe boss. And
she earns what five hundred k a year? And she's
been court driving without insurance in London.

Speaker 2 (01:32):
Yes, and she had been driving around London in her
one hundred and forty thousand dollars Audi for four months
without insurance, the court was told yesterday. Hannah Coleman is
her name. She has been in charge of Jimmy Chew
for five years. If you're not familiar with the brand,
they are a very expensive pair of ladies shoes. Five years.
She's been running the company. She's been there from almost

(01:54):
the start of her career, worked her way up. And
she told the court that she paid the insurance but
it bounced back and she didn't realize that the payment
had failed. And then there was a follow up email
which the court accepts did not accept that she hadn't read.
So obviously the onus is on the driver to have

(02:15):
a car insured. The end result is a lot of
embarrassing publicity for her. She had a child, her daughter
in the car with her as well when she was
stopped in Chelsea in West London. She's probably going to
lose her license for six months over this. She's on
half a million dollars a year and she had no
insurance on that OUDI.

Speaker 1 (02:32):
Goodness may Now, Greg Wallace, we've spoken about him in
the past. This is the Master Chef host the scandal.
We had a report app this week, but now there's
a new allegation against one of the other presenters.

Speaker 2 (02:45):
Yes, so his co host is John Turoad, who's a
very famous Australian chef who's made it big in the UK.
And Wallace and John Touroad were together for best part
of two decades presenting Master Chef. So Greg Wallace, he
won't be appearing on Wherever again. I don't think forty
five allegations against him upheld and for the sake of transparency,

(03:06):
now John Turoud has come out on social media and
said that there was an allegation upheld against another individual
and he said that individual is me. Now it relates
to a social occasion he believes in twenty eighteen or
twenty nineteen. He says he has no recollection of this
and he does not accept that it happened, but he's
telling the story anyway. And he said that there was

(03:27):
an allegation he used a racially offensive word at a
socially gathering to someone for which he immediately apologized. Now,
John Touroud says racially inappropriate language is completely wrong in
any environment. He says he does not remember the incident
and he doesn't accept that it happened. So there you go.
The problem the BBC bosses now have is they've got

(03:49):
an entire series of Master Chef filmed ready to go,
starring Greg Wallace and John Turoad.

Speaker 1 (03:56):
What do you do a nightmare in with that position?
In to thank you and the Brady a UK correspondent.

Speaker 2 (04:03):
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