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Bank for ultra-rich warns Reeves over entrepreneur exodus
Yahoo Finance· 2026-02-28 14:00
Core Viewpoint - High taxes and regulatory burdens are making Britain an unattractive place for investment, prompting entrepreneurs to relocate to tax havens like Dubai [1][2]. Group 1: Investor Sentiment - Lombard Odier has expressed that the recent tax changes, particularly the increase in employers' National Insurance contributions, have led to a perception that the UK government is "anti-business" [2]. - The bank noted that many entrepreneurs have found the process of raising capital from UK investors to be "excruciating," leading them to seek investment opportunities abroad [3]. Group 2: Government Response - Rachel Reeves has initiated a review of the scale of investors leaving Britain and is assessing the decision to abolish the non-dom regime [4]. - The Treasury has launched a call for evidence to address the growing trend of entrepreneurs moving their companies overseas [4]. Group 3: Recommendations for Improvement - To combat the outflow of wealth, Lombard Odier's UK CEO suggested unlocking £350 billion from cash ISAs to encourage investment in early-stage start-ups [5]. - The bank also recommended the introduction of a dedicated investor visa for those investing in UK venture capital and private businesses, alongside a focus on improving financial literacy in the education system [6]. Group 4: Company Background - Lombard Odier, a 230-year-old bank based in Switzerland, has been operating in London for over 50 years and manages £215 billion of client money globally [7].