Former Goldman Sachs chief Sherwood leaves Britain as tax hike fears mount
Former Goldman Sachs chief Sherwood leaves Britain driven by anxieties over impending tax increases
A former Goldman Sachs chief who heads the board of Revolut, Europe’s most valuable company has become the latest prominent financier to relocate abroad in the wake of concerns about Britain’s mounting tax pressure.
His recent move which has recently surfaced just days before John Healey, the Chancellor delivers his maiden Budget will again incite fears over the scale of Britain’s eroding tax base as an escalating wave of the nation’s ultra-rich are fleeing Britain.
According to Bloomberg's Billionaires Index, recent calculations showed that individuals with cumulative net worth of £120bn have left Britain in the last two years, fueled by anxieties over fiscal deficits and the Labour administration’s corrective economic measures.
The Conservative shadow chancellor, Andrew Griffith said on Saturday: “Week after week, more news emerges of prominent businesses and investors fleeing the UK, yet this government seems entirely passive.”
“Growth in every postcode' cannot mean postcodes in Jersey, Milan or Dubai. Next week's Budget must take action to reverse this trend.”
Primarily known as “Woody” to colleagues, he rose to the role of co-chief executive Goldman Sachs International which comprises the Wall Street giant’s operations outside the US. He joined Goldman aged just 20 and became its head of debt, marking a crucial financing role, and was then promoted to the bank’s lucrative partner ranks at 29, after serving for three years.
Mr Sherwood has given tens of millions of pounds to a broad spectrum of charities over a protracted period. He co-founded Greenshouse Sports which was set up for a sports development program in 2022.
