Bloomberg reports wealthy residents left Britain over tax breaks, RBC says
In short
Bloomberg reported that over two years wealthy residents and families with combined wealth of $160bn left Britain or weakened their ties to it, RBC reported, linking the departures to the removal of tax breaks and to a worsening of London’s reputation. RIA Novosti also reported that Bloomberg calculated Britain’s losses from the departure of its richest businessmen, without giving figures.
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Bloomberg reported that wealthy residents and families with combined wealth of $160bn have left Britain or loosened their ties with the country over two years, RBC reported on 5 October. RBC attributed the departures to the abolition of tax breaks and to a deterioration in London’s reputation. [ 1 ]
RIA Novosti also reported on the same day that Bloomberg had calculated Britain’s losses from the departure of its richest businessmen. Its report gave no figure and did not specify which tax measures were involved. Neither document named any of the individuals or families said to have left. [ 1 , 2 ]
Why it matters
The reports point to tax policy as a factor in where wealthy individuals and their capital are based, a theme Russian business outlets follow. The documents give no estimate of the effect on Britain’s budget, on investment flows or on other countries, so the scale of any consequences is not established.
Key facts
- Bloomberg reported that over two years wealthy residents and families with combined wealth of $160bn left Britain or weakened their ties with it, RBC reported. [ 1 ]
- According to RBC, Bloomberg linked the departures to the abolition of tax breaks and to a worsening of London’s reputation. [ 1 ]
- RIA Novosti reported that Bloomberg calculated Britain’s losses from the departure of its richest businessmen; its report gave no figure. [ 2 ]
Confirmed by several sources
Still unclear
- The $160bn combined wealth figure and the two-year period come only from RBC’s account of Bloomberg’s findings. Only one document carries the number; RIA Novosti gives no figure, so it is a single-source claim.
- Which tax breaks were abolished and when. Neither document names the specific tax measures or the timing of their removal.
- What “losses” RIA Novosti refers to, and whether any total was attached to them. The document is a headline only, with no article text or summary to check.
- The identities of the individuals and families said to have left. Neither document names any person or family.