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There’s a quiet battle happening in Europe — and London is losing.
While Labour champions policies aimed at taxing the wealthy more, Milan has quietly positioned itself as a haven for high-net-worth individuals.
The move?
A flat €200,000 tax for non-doms, simple, attractive, and effective.
Meanwhile in the UK:
- The government is scrapping non-dom status
- Wealthy individuals are leaving
- £8 billion+ in annual tax revenue is at risk
This isn’t a wealth redistribution strategy.
It’s a wealth destruction strategy.
And the message it sends is clear:
“If you succeed here, we’ll punish you.”
Cities like Milan are watching, and welcoming the exodus.
So what happens if this trend continues?
- Investment drops
- Capital flight escalates
- The UK loses its edge as a global financial centre
Svuota Londra, the mission to “empty London”, may have been satire.
But thanks to current policy, it’s starting to look like a blueprint.
