Wealthy people in Britain, from foreign billionaires to bankers in the City of London, are rushing to safeguard their money after Prime Minister Rishi Sunak surprised the country by calling a summer election.
Some are cashing in on investments, paying off bills that could soon rise or leaving Britain entirely, according to interviews with more than 20 wealthy individuals, who did not want to be named, and wealth advisers.
The ruling Conservatives and the opposition Labor Party have both pledged to abolish preferential tax treatment for non-domiciled residents – wealthy foreigners living in Britain, known as nondoms. Labor leader Keir Starmer has additional plans to tax the rich and opinion polls show his party ahead by more than 20 points.
