Getting Ready For 50pc Tax Mass City Exodus

The depth of concern about the planned 50p rate of tax for employees earning more than £150,000 a year will also result in the British economy falling further into debt and recession being prolonged for many decades without any chance of recovery. High profile entrepreneurs including Guy Hands, the City financier who runs Terra Firms Capital Partners, have already quit Britain in protest at the new tax and many senior businessmen know others will follow suit.

"The economy is going to take a big hit and Britain will face a brain drain of talent abroad. It's not just brainy financiers who will leave these shores, so will footballers who will not touch this place with a barge pole because of the 50pc tax. The talent drain will trickle down to the already failing Labourised economy resulting in mass job losses; loss of business; loss of enterprise and ghost towns," said one chief executive of a FTSE 100 company.