Pimlico Plumbers founder flushed out of Britain over fear of Labour’s tax rules
The founder of Pimlico Plumbers has turned his back on London with a parting shot at the new Labour government.
London-native Charlie Mullins, who has now become a permanent resident in Marbella, Spain, said in an interview with the Sunday Times that he plans to sell his £10m apartment overlooking the Shard and the London Eye.
His departure comes amid a growing pipeline of speculation over what tax rules the new Labour government will reveal for the wealthy in October’s budget.
“I honestly do not want to sell it — it’s the best place I’ve ever lived,” the 71-year-old entrepreneur told the Sunday Times.
“I am taking all of my money and investments out of the UK. The government are driving people with money away from the country. Why would people stay in the UK?”
Mullins, who sold Pimlico Plumbers for £140m to the private equity company KKR in 2021, is one of many wealthy Britons hurrying to sell their assets due to speculation that Sir Keir Starmer’s budget on October 30 will hike capital gains and inheritance tax.
Starmer has previously warned that “those with broadest shoulders” would bear the cost of the “painful” Autumn Budget.
Rachel Reeves has since also refused to rule out bringing capital gains tax in line with income tax or reforming inheritance tax.
A Henley Private Wealth Migration Report revealed that the UK should expect to see a net loss of 9,5000 millionaires in 2024, which is more than double the 4,200 who had left last year.
The report has also estimated that the UK will become the country with the second-highest net outflow of millionaires.
“I’m not prepared to put any more money into the UK, I have put enough in the pot,” Mullins said.
“You should incentivise successful people — not penalise them.”
Mullins said he is not flushing ties with Britain entirely, however, as he looks to launch a new plumbing venture, We Fix It, in October, which will be run by his son.
A Department for Business and Trade spokesperson said: “This Government backs wealth creators and will give firms the economic security they need to invest.
“We are committed to finding the balance between improving workers’ rights while supporting the brilliant businesses that pay people’s wages.
“That’s why we’re working in close partnership with business and civil society, to ensure our Make Work Pay plan is designed around increasing productivity and creating the right conditions for businesses to support sustained economic growth.”