Latest news with #PhilWhite
Forbes
20-07-2025
- Business
- Forbes
When Millionaires Say They're Leaving—They Almost Never Do
Phil White, a British millionaire poses with a placard reading: "Tax the rich" next to the Congress ... More centre during the World Economic Forum (WEF) annual meeting in Davos on January 18, 2023. - Tax me and tax people like me urges in an interview with AFP Phil White, a British millionaire present at the Davos forum, believing that wealth inequalities fragment the world. (Photo by Fabrice COFFRINI / AFP) (Photo by FABRICE COFFRINI/AFP via Getty Images) Every time a government proposes ticking up taxes on the wealthy, however modestly, the same rote routine begins: High-net-worth individuals, their accountants in tow, emerge to provide quotes informing the public that, sadly, they will now be forced to flee to some jurisdiction that has no designs on taxing their income. The threat is immediate and existential in scale—they're being driven away like a protected species poached to near extinction. The latest revival of this performance comes courtesy of the United Kingdom, where the government closed a centuries-old tax loophole that let wealthy foreigners reside in the U.K. but insist their income did not. The global rich are now in full performative retreat from London—selling their properties and booking one-way flights to elsewhere. Estate agents lament, tabloids predict doom for the tax base, and everyone seems certain that London's days as a center of commerce are numbered. Across the Atlantic, the same chorus plays in a slightly different accent. In New York, when Assemblymember Zohran Mamdani proposed a millionaire's tax, the upper crust began auditioning for the same role as put-upon wealth creator in search of a steamship to Florida. But here's the thing: they almost never really leave. If they do, it's in such small numbers that the fiscal impact is negligible at worst and, often, positive. We've seen this performance before. U.K Closes a Loophole, Wealthy Pack Their Bags (or Say They Will) In the U.K. the 'non-dom' regime was a tax perk long enjoyed by the ultra-wealthy. It permitted wealthy foreigners to live in Britain without paying tax on overseas income. In effect, it allowed the global elite to buy an address in London and enjoy the related public goods without contributing meaningfully to His Majesty's Revenue and Customs (HMRC). All the perks of residency, none of the fiscal responsibility. This spring, the U.K. government finally did the unthinkable and closed the non-dom loophole. The ascendant tax regime was projected to bring in £12.7 billion by 2030. To be fair, some of the beneficiaries of the old regime did seem to start heading for the exits. Several high-profile billionaires moved abroad and real estate sales in the poshest neighborhoods did fall. Anecdotes snap together like magnets and, from there, the narrative accelerates. There is a certain common-sense element to the idea that raising taxes on the wealthy will cause them to leave, so ad-hoc stories are all that is necessary to move many from assumption to certainty—the wealthy are on the move. The same argument was made the last time the U.K. trimmed non-dom benefits, in 2017. Back then, only 2% of the affected group actually left the country. The rest stuck around and paid 50% more in tax. The rich are better at making threats than following them and the media credulously reports on the bluster. Meanwhile, in New York New York faces down its own elite melodrama. Assemblymember and Mayoral candidate Zohran Mamdani, a democratic socialist with a preference for policy over donor appeasement, has proposed a state-level millionaire's tax. The reaction was instant. Business leaders issued grave warnings and his opponent conjured up images of a mass exodus to Florida. It seems the mere suggestion that the ultra-rich should pay a few percentage points more toward public transit or housing sends the elites into a private jet fuel-up pantomime. There is precedent in the U.S. to mirror that in the U.K.—when California raised taxes on high earners in 2010, despite opponents warning of an economic death spiral, California's share of the nation's million-dollar earners went up. Today, nearly one in five U.S. millionaires live in the Golden State. The myth of the millionaire on the move is politically useful but empirically bankrupt. Study after study, in Europe, the United States, and elsewhere, tells the same story: millionaires are even less likely to move than the general population. In the U.S. just 2.4% of millionaires move across state lines in a given year—below the national average of 2.9%. And yet, the myth persists—why? Why the Chased-Away Millionaire Myth Persists If the data doesn't support the millionaire migratory narrative, why is it still treated like gospel every time someone proposes a new tax bracket? Because it isn't really about economics—it's about politics. The threat of wealthy flight is a potent rhetorical weapon because it allows opponents of progressive taxation to cloak themselves in a self-serving argument that sounds in fiscal prudence rather than protection of the donor class. Opponents of progressive taxation can assure taxpayers they aren't defending inequality but are instead just exerting common sense policymaking to ensure the budget can be kept intact. It's austerity wrapped in the language of inevitability. The myth also thrives on anecdote. A billionaire leaves London for Dubai, and within the confines of one newspaper article a universe is created where the entire country is hemorrhaging wealth. One hedge fund manager moves to Florida and the lights are flipped off in New York. And yet, for every high-profile departure anecdote splashed across the headlines, there are thousands of high earners doing nothing of the sort. America in particular loves the image of the rugged capitalist jetsetter that can pull up stakes and relocate anywhere. The notion that the ultra-rich are nomads, unattached to place and ready to vanish abroad if offended, reflects the myth of individualism. And yet, it doesn't square with the reality that most wealthy people, like their less well-appointed counterparts, are deeply tied to their communities, industries, and local institutions. The board seat on the local nonprofit or country club doesn't fit in the luggage compartment of a private jet. Nonetheless, the myth will linger. In part because it provides cover, not just for the ultra-rich but also for the lawmakers who fear crossing them and offending their constituents in almost equal measure. The result is a political Pavlovian response where even modest tax reforms come with a side of millionaire exodus think-pieces.
The Herald Scotland
30-06-2025
- Entertainment
- The Herald Scotland
'I love the punchy flavours at this Leith Walk restaurant'
Their recently revamped menu mixes Mediterranean influences with classical techniques, with a continued focus on quality, seasonal produce - in particular Scottish meat and seafood. Below, chef Phil White takes on our weekly Q&A: Chef Phil White of Leftfield in Edinburgh (Image: christina leahy) What was your first kitchen job? The first job I had was at the NEC in Birmingham. I got trained up in every section as part of a very extensive training programme. Where is your favourite place to eat out? If I was to really go for it and have something 'Michelin-y' - it would be Timberyard. A fantastic place to eat, the atmosphere and whole vibe is just great. Not only is the food great, but it smells great, looks great and sounds great as well. For a more casual option, I'd go for Mirin on Leith Walk - amazing and punchy flavours. I love it! What is your guilty pleasure meal? I do love a chicken Kyiv and chips - it's a classic. Can you share a memory of your worst kitchen disaster? One of the chefs I was working with was making confit duck legs and there was a hole in the pan so the oil leaked into the oven. The oven caught fire and the whole building (a large office block) had to be evacuated. There were about 1000 people out on the street waiting to go back in! What is your signature dish? A lot of chefs nowadays don't really have a signature dish - myself included. Your plates are constantly evolving for your customers. Who would you say is your biggest inspiration? My biggest inspiration is probably the people that I work with everyday. We have chefs working with us that have worked in lots of different places: from fine dining to casual dining and cafés. Everyone brings something to the table. What is one of your pet peeves as a chef? My biggest pet peeve is having to constantly repeat myself, it really annoys me. If you weren't a chef, what do you think you would be doing with your life? If I weren't a chef, I'd probably be doing something to do with fish. In my twenties, I started a degree in marine biology, but I never finished it as I was always working. I'd be working in agriculture or something like that. What's your favourite trick for making cooking at home easier? Getting someone else to do it! I'll volunteer to do the washing up… What has been one highlight that stands out in your career so far? My biggest career highlight is becoming self-employed, and working with my family because they are great and I love them a lot.
CTV News
27-05-2025
- Entertainment
- CTV News
Ottawa man who designed King Charles' throne counts down moments until he sits in it
CTV Omar Sachedina speaks with the man who designed the brand-new throne King Charles will deliver his speech from. OTTAWA — When King Charles III delivers the Throne Speech in the Senate tomorrow, he'll do it from the throne Phil White designed. 'A lot of things are going through my mind,' White said from the basement workshop of his Ottawa home. ''Will he like it?' 'Will he be comparing it to what he sits on at Buckingham Palace?' I don't know,' White said, ending the thought with a few chuckles. Until 2021, Whited retired after 15 years as Canada's Dominion Sculptor – Parliament's official carver and supervisor of new carvings, a role created in 1936. Since then, six people have had the job. When Centre Block closed for renovations, and the Senate Chamber — along with its thrones — were sent for renovations, White was asked to come up with sketches for new thrones, which will be used in the King's speech on Tuesday in the temporary new Senate Chamber in the Old Ottawa train station. White also designed the one Queen Camilla will sit on. Towards the end of 2016, he was given mere months to come up with a new design. 'They picked one, it went to the Speaker for approval, which was like a day and a half,' he said. '(It was) lightning fast.' The new thrones are made of Canadian black walnut and donated English walnut from a forest behind Windsor Castle. Although he won't get to meet the King tomorrow, he did meet Queen Elizabeth II in 2010. He still remembers feeling the nerves as their meeting got closer during the unveiling of a carving he created. 'I was sort of standing with my hand on my arm and my hand on my sleeve.' It was a pose his wife asked him about when he got home. 'She was watching the whole thing and she said, 'why are you grabbing your sleeve all the time?' I said because I was nervous and my hands were sweating … and I didn't want to shake (the Queen's hand) with a wet hand.' Fifteen years later, another monarch will experience one of his creations — a privilege, he acknowledges, to have had the chance to preserve the stories of this country as Dominion Sculptor, stories that will be preserved in and around Parliament. '(As Dominion Sculptor) you're representing Canada, to not only Canadians, but to the world,' he said. 'I mean – it's like a million people that come through that every year. And they're from everywhere ... that's your opportunity to show them what Canada's about.'
CTV News
27-05-2025
- Entertainment
- CTV News
‘Will he like it?': Ottawa throne designer counts down moments until King Charles sits in the chair he created
OTTAWA — When King Charles III delivers the Throne Speech in the Senate tomorrow, he'll do it from the throne Phil White designed. 'A lot of things are going through my mind,' White said from the basement workshop of his Ottawa home. ''Will he like it?' 'Will he be comparing it to what he sits on at Buckingham Palace?' I don't know,' White said, ending the thought with a few chuckles. Until 2021, Whited retired after 15 years as Canada's Dominion Sculptor – Parliament's official carver and supervisor of new carvings, a role created in 1936. Since then, six people have had the job. When Centre Block closed for renovations, and the Senate Chamber — along with its thrones — were sent for renovations, White was asked to come up with sketches for new thrones, which will be used in the King's speech on Tuesday in the temporary new Senate Chamber in the Old Ottawa train station. White also designed the one Queen Camilla will sit on. Towards the end of 2016, he was given mere months to come up with a new design. 'They picked one, it went to the Speaker for approval, which was like a day and a half,' he said. '(It was) lightning fast.' The new thrones are made of Canadian black walnut and donated English walnut from a forest behind Windsor Castle. Although he won't get to meet the King tomorrow, he did meet Queen Elizabeth II in 2010. He still remembers feeling the nerves as their meeting got closer during the unveiling of a carving he created. 'I was sort of standing with my hand on my arm and my hand on my sleeve.' It was a pose his wife asked him about when he got home. 'She was watching the whole thing and she said, 'why are you grabbing your sleeve all the time?' I said because I was nervous and my hands were sweating … and I didn't want to shake (the Queen's hand) with a wet hand.' Fifteen years later, another monarch will experience one of his creations — a privilege, he acknowledges, to have had the chance to preserve the stories of this country as Dominion Sculptor, stories that will be preserved in and around Parliament. '(As Dominion Sculptor) you're representing Canada, to not only Canadians, but to the world,' he said. 'I mean – it's like a million people that come through that every year. And they're from everywhere ... that's your opportunity to show them what Canada's about.'
Times
22-05-2025
- Business
- Times
Should you buy shares in Mobico right now?
As a means of time travel it's not quite HG Wells, Dr Who's Tardis or even Doc Brown's nuclear-fuelled DeLorean in Back to the Future. Phil White's decision to board the National Express this month is not so much a trip down Memory Lane as a search for the break in the time continuum which has seen shares in the group, now named Mobico, hit an all-time low. Mobico is an international bus and coach company. It makes fabulous profits in Spain with its Alsa business there on growing margins of more than 13 per cent. It has just sold its US school yellow bus business, which has been operating on small margins and with a growing cost base and need for investment. It
