UK’s wealth exodus continues as second-richest billionaire departs for Monaco

A billionaire property investor and Newcastle United shareholder has left Britain to become the latest in the wealth exodus under Labour.

David Reuben, who is also overseeing £1billion in restorations to London’s landmarks, moved to Monaco this summer where there is no tax on income, capital gains or inheritance.

Mr Reuben, 88, had an estimated total wealth of almost £28billion this year alongside his brother Simon.

He is the latest to flee a Labour regime which has hiked taxes since coming to power two years ago and looks set to further pile the pressure on taxpayers at next month’s Budget.

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