Chancellor Rachel Reeves has announced her first budget, causing concern among the UK's richest individuals regarding potential tax consequences.

The budget, which was unveiled in October, includes significant changes such as the elimination of the non-dom tax system and the extension of inheritance taxes to cover global assets. Furthermore, the budget introduces higher taxes for private equity executives and taxes on second homes, causing alarm among wealthy individuals considering their future in the UK.

These measures indicate a significant shift in the government's fiscal policy approach, potentially leading some of the wealthiest residents to contemplate relocating abroad.