Britain’s wealthy are fleeing London in droves to escape Labour’s punitive tax policies, with Ryanair’s CEO declaring the UK economy “doomed” under socialist leadership that prioritizes wealth redistribution over economic growth.
Business Leader Sounds Alarm on Labour’s Economic Destruction
Michael O’Leary, CEO of Europe’s largest budget airline Ryanair, delivered a scathing assessment of Britain’s Labour government, declaring the UK economy “doomed” under current leadership. O’Leary expressed zero confidence in Chancellor Rachel Reeves’ ability to restore economic growth, branding her tax policies as fundamentally “dumb.” His stark warning reflects growing concerns among business leaders about Labour’s socialist approach to economic policy, which prioritizes punitive taxation over incentivizing investment and growth.
Britain "Doomed" Under Labour as Wealthy Scramble to "Get the Hell Out of London", Ryanair Boss Michael O'Leary Warns https://t.co/rSfBOrwRwn via @LD_Sceptics
It’s exactly what she wants she hasn’t a clue !! To repair what she is doing is going to take years !! Probably not in…
— LizzieBritnell (@LizzieBritnell) November 5, 2025
Wealthy Exodus Accelerates Amid Tax Raid Threats
O’Leary revealed that wealthy individuals are desperately seeking flights to “get the hell out of London” before Labour implements its planned mansion tax and other wealth-targeting measures. This mass exodus represents a devastating indictment of Labour’s class warfare approach to taxation. The airline executive noted that rich people are fleeing as they scramble to escape taxes on their mansions, income, and inheritance. This capital flight threatens to hollow out London’s financial sector and eliminate the very taxpayers who fund public services.
Air Travel Tax Hikes Drive Business Abroad
Labour’s decision to increase air passenger duty has prompted O’Leary to threaten relocating Ryanair capacity to countries with lower tax burdens like Sweden and Italy. The CEO described the tax increase as “the dumbest idea” Labour has implemented, highlighting how anti-business policies drive investment and jobs overseas. Ryanair warned that further increases would result in moving 10 percent of their capacity, approximately five million seats, to lower-tax countries. This demonstrates how Labour’s short-sighted tax grabs ultimately reduce revenue and economic activity.
Ryan Air CEO Micheal O’Leary calls out the refugee scam in Ireland?
Things are changing. Mass deportations are coming. #IrelandBelongsToTheIrish
— Real News Éire (@real_eire) June 17, 2024
Conservative Economics vs. Socialist Failure
O’Leary’s critique perfectly encapsulates the fundamental difference between conservative and socialist economic approaches. He argued that growth comes through selective tax cuts, not by “taxing wealth or taxing air travel.” The CEO pointed out that for an island nation on Europe’s periphery, the logical approach is attracting tourists first, then generating revenue from their spending, rather than imposing entry taxes that deter visitors. His comments join a growing chorus of criticism from major business leaders including executives from Marks & Spencer and Asda, who recognize that Labour’s policies will cripple Britain’s competitiveness.