A prominent Conservative peer has issued a dire economic forecast, claiming Britain is heading for "almost certain recession by the end of the year" as wealthy individuals abandon the country in droves.
Lord Moynihan revealed during a GB News appearance that 75 affluent families have departed Britain within the past twelve months, according to his accountant's client records.
The peer's accountant previously managed finances for 400 wealthy households, but has witnessed a significant exodus over the past year.
"The left-wing warriors say 'who cares?', but the money won't be there to pay your benefits anymore," Lord Moynihan warned.
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He emphasised that the departures extend beyond ultra-wealthy individuals, noting that ambitious young professionals are increasingly relocating to destinations such as Dubai, Australia and America.
Lord Moynihan painted a bleak picture of Britain's economic trajectory, arguing that the government has trapped itself in an unsustainable cycle.
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"You have to reduce the size of Government, the level of taxes and the amount of regulation," he stated, before highlighting the disconnect between rhetoric and reality.
The peer warned that government expenditure is climbing towards half of Britain's total economic output, describing this as a looming "catastrophe".
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He predicted that whilst tax rates continue rising, actual tax revenues will decline as businesses close and workers reduce their hours or cease working entirely.
"What happens is, instead of paying those taxes people will leave, shut down their business or just not bother to work," Lord Moynihan explained.
He forecast economic growth would move in a "negative direction".
Lord Moynihan's assessment comes as Chancellor Rachel Reeves pursues policies aimed at boosting investment and supporting vulnerable families.
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The Government recently unveiled a £500 million Better Futures Fund, which ministers describe as the world's largest initiative of its type, targeting assistance for 200,000 at-risk children.
Reeves has also launched efforts to encourage Britons to shift savings into stock market investments, claiming potential returns of nine per cent annually compared to 1.5 per cent from cash savings.
However, these initiatives have sparked controversy, with critics questioning the wisdom of promoting equity investments to risk-averse savers.
The Treasury's investment push has met resistance from older savers who cite satisfactory returns from fixed-rate accounts and ISAs offering 4-5 per cent interest without capital risk.
Conservative shadow chancellor Sir Mel Stride acknowledged that Labour's Better Futures Fund builds upon the previous government's Life Chances Fund, but criticised the broader economic approach.
"Labour's jobs tax has pushed up unemployment and prices, trapping more children in workless, struggling homes," Stride stated.
He accused the Government of "taxing work, choking growth, and driving families into hardship".