Billionaire Peter Hargreaves has warned against increasing taxes on wealthy individuals, arguing Britain cannot afford to lose more "big taxpayers". Speaking to the Financial Times, Hargreaves cited hedge fund manager Chris Rokos, who plans to move residency to Greece, as a significant loss for the UK tax base. Hargreaves, co-founder of Hargreaves Lansdown, is the sixth-biggest taxpayer in the UK with an estimated wealth of over £2bn, having reportedly paid £210mn in tax last year.

He warned that losing just four high-net-worth individuals could cost the government £1bn in revenue. His comments follow the departure of steel tycoon Lakshmi Mittal and Jim Ratcliffe, who moved his tax domicile to Monaco in 2020. Hargreaves criticised the abolition of the non-dom regime and rising national insurance contributions, stating businesses employing many people have been hit hard.

Despite the pressure, he ruled out moving his own residency, stating he had not yet bought his ticket. He added that he regretted donating £1mn to the Conservative Party in 2019. Chancellor John Healey is reportedly considering a smaller fiscal buffer to mitigate upcoming tax rises in the Budget next month.