Vince, who has donated £5 million to Labour, dismissed as “profoundly stupid” the idea that higher taxes could harm UK entrepreneurship, asserting that those solely interested in low taxes are welcome to leave.
“If people only live here because they pay less tax, they should f— off,” Vince said. “This is a brilliant country. There’s no way people won’t live here because of a fairer tax system.” His comments come as Chancellor Rachel Reeves prepares to announce tax increases aimed at addressing a £40 billion fiscal gap in her Autumn Budget, with wealthy taxpayers likely to bear the brunt. Measures may include capital gains tax increases and inheritance tax reform.
Britain’s top 100 taxpayers contributed £3.9 billion in capital gains and income tax in 2022/23, making them a crucial target. However, new data indicates that over 6,000 UK millionaires are considering relocating to the EU by year-end to escape potential tax hikes. Among them is Charlie Mullins, the founder of Pimlico Plumbers, who has put his £12 million London penthouse up for sale, stating he plans to leave to avoid a financial “raid.”
While other prominent Labour donors like South African businessman Gary Lubner and Lord Sainsbury have remained silent on the tax debate, Vince stands firm, arguing for a fairer tax structure.
Vince also criticised those opposing the net-zero agenda, especially Nimbys resistant to infrastructure projects like electricity pylons. “Countryside dwellers need to accept that this is a contribution to our national economy,” he said, emphasising the importance of green infrastructure.
A former nomad who founded Ecotricity in 1995, Vince has built a £100 million fortune through renewable energy and innovative ventures, including Skydiamond, a lab-grown diamond company, and Forest Green Rovers, a vegan football club. Known for his outspoken views, Vince is unafraid of controversy, once famously rebuffing a proposal from the late turkey magnate Bernard Matthews, likening his poultry operations to “a concentration camp.”
Jamie Young
Jamie Young is Senior Reporter at Business Matters, covering SME finance, employment law and Westminster policy since 2016. He has reported on every Budget and Autumn Statement since 2018, helped make sense of the 'covid era' and the bounce-back loan scheme from launch through the fraud investigations, and broke the magazine's coverage of the 2024 late-payment reforms. He joined Business Matters straight from completing his BA in Administration from Exeter University and is NCTJ-qualified. Reach him at jyoung@cbmeg.co.uk
