Ministers warn Starmer that tax rises could accelerate wealth exodus | The IndependentNotifications can be managed in browser preferences.Jump to contentIndependentSwipe for next articleIndependent Bulletin homepageDownload ourSocial PartnerWe are 8 logo (opens in a new tab)AllNewsSportCultureLifestyleDavid Maddox Political EditorMonday 06 October 2025 22:02 BSTRelated: Senior Treasury minister refuses to rule out tax rises in Chancellor's autumn budgetSir Keir Starmer’s cabinet is deeply divided over economic policy, with some ministers fearing that measures targeting the wealthy could accelerate a wealth exodus from Britain.Concerns have been raised that "anti-aspiration" policies, such as the abolition of non-dom status and VAT on private school fees, are harming the country and driving millionaires away.While some ministers advocate for "efficiency savings" and cuts to address a Budget black hole estimated between £30bn and £40bn, others support new wealth taxes like a property tax or a bank profits tax.A powerful group within the cabinet believes the government needs to rein in spending and reform the state, while another faction argues the rich should "carry the burden" through wealth taxes.Economic experts warn that Chancellor Rachel Reeves may ultimately have to break her manifesto promise not to raise major taxes to fill the substantial financial gap.In fullStarmer faces cabinet revolt over Budget tax rises that could drive wealthy awayThank you for registeringPlease refresh the page or navigate to another page on the site to be automatically logged inPlease refresh your browser to be logged in