UK

UK Sees Exodus of 6,000 Business Owners

Nearly 6,000 owners of high-growth businesses have left the UK over the past two years, primarily due to changes in the tax regime and concerns about economic competitiveness, according to research by wealth manager Rathbones. The technology sector saw the highest number of departures, with the United Arab Emirates emerging as the most attractive destination, followed by Spain and the US. This trend has resulted in a net outflow of 2,758 business owners from the UK, alongside a significant exodus of 16,500 millionaires last year, totaling $91.8 billion in investable wealth.

Badenoch proposes interest rate cuts for student loans

Kemi Badenoch, the leader of the Conservative Party, announced plans to reduce interest rates on Plan 2 student loans, which affect approximately 5.8 million graduates who studied between 2012 and 2023. The proposed reform would cap interest at the Retail Prices Index (RPI) rate, currently at 3.8%, in response to growing concerns over high repayment costs. This initiative comes amid pressure on the government to address student debt, with the Chancellor, Rachel Reeves, facing calls for a broader overhaul of the student loan system.