John Healey admits he must stem exodus of billionaires as ANOTHER business mogul quits Britain... but Chancellor still hints wealth taxes coming in Budget

John Healey admitted today that he has to get a grip on the exodus of the super-wealthy from Britain - as another billionaire revealed he has left.

At the start of the Labour Party Conference the Chancellor said the party wanted them to stay because 'they create the jobs and they can create the wealth for us', setting out plans to raise the level of investment, confidence and profits.

But he used the same interview to suggest that he will increase capital gains tax (CGT) in the Budget next month, saying the UK has the 'lowest ... of any European G7 nation'. 

It came as another super-wealthy business mogul revealed he had left the UK.

Sir Peter Lampl, the financier who created the Sutton Trust charity, said he had moved to the United States because of the traffic in London.

Sir Peter, who is in his late 70s, lashed out at mayor Lord Khan over the growth of bike lanes, low-traffic neighbourhoods (LTNs) and other 'anti-car' measures that prevented him from quickly getting into the City. 

At the start of the Labour Party Conference the Chancellor said the party wanted billionaires to stay because 'they create the jobs and they can create the wealth for us'

Sir Peter Lampl, the financier who created the Sutton Trust charity, said he had moved to the United States because of the traffic in London

'Nowadays in the back of a cab, you crawl through central London getting overtaken by joggers,' he told the Telegraph, saying he was too old to get the Tube.

'Incredibly, our once great capital city now has the slowest-moving traffic of any capital in the world – and it's dropping.

'That doesn't look like progress to me. And it certainly isn't fun.'

Earlier this month it was revealed Chris Rokos, the founder of Rokos Capital Management, is preparing to switch his residency to Greece.

Mr Rokos is the UK's third-biggest taxpayer having paid an estimated £330million in the latest tax year, according to the Sunday Times Tax List.

He has an estimated wealth of £3billion, according to the Sunday Times Rich List, and earlier this year pledged to donate £190million to the University of Cambridge, believed to be the biggest individual donation to a British university in modern times.

The Chancellor also suggested that he could raise CGT at the October 28 Budget, something his Cabinet colleagues Louise Haigh and Wes Streeting called for over the summer.

In what could be the latest step to help households with the cost-of-living crisis, Mr Healey also suggested to the Sunday Times he was mulling over whether a planned fuel duty rise should go ahead.

'I'm conscious of these pressures and I will take them into account when I make my Budget decisions,' he said discussing the tax.

He also suggested he was ready to argue his case with Labour backbenchers opposed to welfare reform, as a means of containing the ballooning costs to the public purse.

He told the newspaper: 'I first got elected nearly 30 years ago for part of Rotherham and in the 1990s, in South Yorkshire, the level of youth unemployment was one in three.

'That, for me, is a moral duty that this Government now must pick up again, with nearly a million youngsters post-Covid, before the election, not in employment, not in education, not in training.

'I refuse to see a generation in jeopardy. I refuse to see a generation condemned to a life on benefits.'

Meanwhile, Andy Burnham said he is prepared to take unpopular choices and hike taxes to fund an NHS-style social care system.

The Prime Minister blamed the 'cowardice' of previous generations of politicians for failing to 'grasp the nettle' of reforming the system in England.

He said nothing was off the table to pay for the reforms, which would be put to the public at the next general election.

The Prime Minister is constrained by Labour's current manifesto commitments not to hike income tax, VAT or National Insurance for workers.

His previous attempts to reform the system as health secretary which could have been funded by a levy on estates was condemned as a 'death tax' by opponents.

But Mr Burnham indicated he was prepared to have another attempt at a taxpayer-funded national care service, despite the potential unpopularity it would cause.