The Chancellor's disastrous decisions has led to the highest borrowing costs since 1998 - now the Treasury has been hit with another bombshell statistic.
12:49, Sat, Jan 18, 2025 | UPDATED: 12:51, Sat, Jan 18, 2025
Rachel Reeves visits a hospital in Kent (Image: Getty)
Since Sir Keir Starmer and Rachel Reeves moved in next door to each other on Downing Street, thousands of millionaires have left Britain, new figures reveal.
The UK lost a net 10,800 millionaires last year to migration, up 157 percent from 2023, according to The Times.
Such was the scale of the exodus, the UK lost more wealthy residents than any other state on earth, besides China, last year.
The departure of the country's richest men and women was rapidly accelerated after the summer General Election, according to New World Health.
Record numbers of millionaires have left Britain since Sir Keir Starmer took office (Image: Getty)
The Chancellor, whose haggard appearance in recent days speaks to the mouting pressure she's under, has seen the UK's borrowing costs hit a 26-year high in just six months in office.
Her budget saw £40bn in tax rises, including controversial changes to inheritance tax and National Insurance. Growth has stalled as a result and inflation is higher than it was when Labour took office.
Jim Rankin, a sixth-generation owner of cork-making firm Rankin Brothers & Sons, slammed Ms Reeves' decisons for "running completely contrary to the government's ambitions for growth".
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The Bank of England (Image: Getty)
He told the MailOnline: "The policies the Government is putting forward run completely contrary to their own aims. How can they claim to be fostering growth when they're slapping taxes on businesses that are already struggling?"
Despite calls from business leaders and opposition MPs for her to resign, Ms Reeves told the BBC: "I’m not going to let them get me down."
She told Nick Robinson's Political Thinking podcast: "I haven’t taken it personally this week. It’s political. Some people don’t want me to succeed. Some people don’t want this Government to succeed ... But I’m not going to let them get me down. I’m not going to let them stop me from doing what this Government has got a mandate to do – and that is to grow the economy, to make working people better off."
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