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Page last updated at 08:58 GMT, Wednesday, 21 March 2012

Rich will 'vote with their feet' on taxes


One of the most talked about proposals for the Budget has been to scrap the 50p tax rate for top earners, not a popular decision, judging from most polls.

In Birmingham, John Caudwell, founder of Phones 4u, told the Today programme's Evan Davis that it would make a "colossal difference" to him personally but the correct decision must be purely economic and what is best for the economy.

He went on to say he is very supportive of redistribution of wealth but it has to be achieved in a way in which the rich will not resent it and "vote with their feet" by leaving the country.

He said that the rumoured mansion tax would be a bad idea but increasing stamp duty on properties wroth is perfectly sensible because it gives the rich the freedom to choose.

But Simon Topman, CEO of the Acme Whistle Company, said that stamp duty would be a bad idea and wanted a more transparent way of raising taxes.

"I would expect to pay more," he said.

On the difference between the rich in London and elsewhere in the country, John Caudwell said there was "no comparison" between the "wealth factor and feel good factor between London and the sticks".

"There is so much more money" in London, he added.

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