The chief executive of Canada’s largest bank has warned the UK government against introducing a new wealth tax, saying it would compound the exodus of rich people from the country following the abolition of the non-dom regime.
Dave McKay, the boss of Royal Bank of Canada, which has a large wealth management business in the UK, said that increasing the tax burden on the wealthy would “100 per cent” result in people leaving for “a lower tax jurisdiction”.
“If you put in place a 2 per cent asset tax, which is what’s being rumoured, that’s a lot. People would seek out other markets,” McKay said in an interview with the Financial Times.
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