The UK Chancellor's Spending Review indicates substantial public funding increases but raises concerns over how to finance these initiatives. CEO Nigel Green warns that high taxation, flat growth, and rising borrowing costs will lead to tax increases in the upcoming Autumn Budget. The review highlights increased funding for various sectors, yet lacks a clear funding strategy. Official data indicates net emigration among high earners is rising, with the UK’s tax burden becoming one of the highest in the G7, prompting fears of a hollowed-out economy due to wealthy individuals leaving the country.
"Reeves is spending money she hasn't got - and the tax reckoning will come this autumn. There's simply no other path."
"Every signal from this Spending Review points to the UK tightening the screws on its most mobile, economically productive residents. And they're already voting with their feet."
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