Top Labor donor Dale Vince says tax crackdown on runaway rich could ‘turn off’

Rich people threatening to leave the UK to avoid expected tax hikes should “shut up,” according to Dale Vince, the green energy tycoon and major Labor donor.

Vince, who has donated £5 million to Labour, dismissed as “absolutely stupid” the idea that higher taxes would hurt UK businesses, saying those only interested in lower taxes were welcome to leave.

“If people are only living here because they pay less tax, they should stop,” Vince said. “This is a bright country. There’s no way people won’t stay here because of a fair tax process.” His comments come as Chancellor Rachel Reeves prepares to announce tax increases aimed at tackling a £40 billion funding gap in her Autumn Budget, which could see wealthy taxpayers hit hard. Measures could include an increase in capital gains tax and reform of the inheritance tax.

Britain’s top 100 taxpayers contributed £3.9 billion in capital gains and income tax in 2022/23, making them an important target. However, new data shows that more than 6,000 UK millionaires are considering moving to the EU by the end of the year to escape potential tax rises. Among them is Charlie Mullins, founder of Pimlico Plumbers, who has sold his £12 million London bathroom, saying he plans to leave to avoid a financial “raid”.

While other prominent Labor backers such as South African businessman Gary Lubner and Lord Sainsbury have remained silent on the tax debate, Vince has stood firm, arguing for a fairer tax structure.

Vince also criticized those who oppose the net-zero agenda, especially Nimbys for opposing infrastructure projects such as electric grids. “Residents must accept that this has an impact on our country’s economy,” he said, stressing the importance of green infrastructure.

A former traveler who founded Ecotricity in 1995, Vince has built a £100 million fortune through renewable energy and innovation initiatives, including Skydiamond, a lab-grown diamond company, and Forest Green Rovers, an animal football club. Known for his outspoken opinions, Vince is not afraid of controversy, once famously rejecting a proposal by the late Turkish general Bernard Matthews, likening his chicken breeding to a “concentration camp.”