When the Sunday Times broke the news that David Reuben, one of the richest men in the UK, had apparently fled to the tax haven of Monaco, there was much pearl clutching. Reuben had moved from his Holland Park house in London to live full-time in the principality.
Labour’s tax regime was blamed and there were said to be fears there would be a cascading effect across the economy, with wealth draining from the UK. It was reported that he had probably left because of potential taxes on wealth in the upcoming budget.
