The Adam Smith Institute Responds To Chris Rokos Leaving The UK

Billionaire Chris Rokos, who paid £330m in tax last year and is the UK’s third-largest tax payer, is leaving the UK for Greece.

James Lawson, Chairman of the Adam Smith Institute, said:

“Chris Rokos’s decision to flee Britain for Greece is just the latest manifestation of the ongoing wealth exodus. Adam Smith Institute research shows that the number of millionaires in Britain has now reached its lowest level since 2008 — a measly 442,000. As the reforms to the non-dom system take effect and taxes continue to rise, that number may well fall further.

Contrary to what the likes of Gary Stevesnon may argue, the public need no convincing of the importance of retaining the nation’s wealthy. 7 in 10 Brits say the top 1% pay their fair share or more. They are right to do so - the top 1% pay a staggering third of all income tax. In fact, Chris Rokos singlehandedly contributed £330 million to the Treasury last year, money that could have funded 7,380 nurses. That tax revenue will now dry up.

If we want to attract and cultivate millionaires and billionaires, Britain must be unashamedly pro-wealth and pro-wealth creation. That means looking again at reforms to the non-dom system, cutting inheritance tax and capital gains tax as well as reducing the red tape clogging up business.”

-ENDS-

Notes to editors:

For further comments or to arrange an interview with one of our team, contact sebastian@adamsmith.org | 0758 477 8207

The Adam Smith Institute’s Millionaire Tracker found that the number UK millionaires has fallen to its lowest level since 2008.

The Adam Smith Institute’s latest polling on attitudes to wealth shows strong public support for tax cuts. 

The Adam Smith Institute is one of the world’s leading think tanks. It was ranked first in the world among independent think tanks and as the best domestic and international economic policy think tank in the UK by the University of Pennsylvania. Independent, non-profit and non-partisan, the Institute is at the forefront of making the case for free markets and a free society, through education, research, publishing, and media outreach.