Talent Migration - Talent will continue to leave the UK ecosystem due to global competition [1][2] - Founders and CEOs are departing for countries with more favorable tax policies [2] - The UK is competing with the US, Dubai, Switzerland, Monaco, Lisbon, and Milan in a global war for talent [2] Budget Impact - The budget is considered bland and uninspiring for entrepreneurial communities [3] - The budget is not perceived as a growth-oriented budget [3] - Changes to stamp duty for UK IPOs are viewed as insufficient to solve underlying problems [3][4] IPO Market Sentiment - Top founders are not inclined to list in London [4] - Stamp duty holiday for UK IPOs is seen as merely rearranging the deck chairs on the Titanic [3][4]

Financial Impact - UK government stands to lose $8 billion due to Revolut founder moving to Dubai [1] - The founder owns approximately 18% of Revolut [1] - Revolut's valuation is projected to reach $200 billion in the next 3 to 5 years [1] - The founder's position is valued at $36 billion [1] - The UK could have potentially collected $8 to $12 billion in capital gains tax [1] Policy & Talent - The UK is in a global war for talent [2] - Tax policies may hinder growth [2]