As New York’s wealthy elite weigh up the options under their new ‘democratic socialist’ Mayor Zohran Mamdani, many of them are now reported to be considering fleeing to London instead. But will it really offer them the safe harbour they are searching for? The truth is that under the Labour Chancellor Rachel Reeves and Mayor Sadiq Khan, Britain’s capital has become an even worse place to be rich than the city they are looking to get out of.

There are plenty of reasons for American billionaires to feel nervous about the Mamdani regime. The new mayor has promised an extra 2 per cent tax on incomes above $1 million (£758,000) as well as higher corporate taxes to fund his plans for free buses and childcare. Of course, it remains to be seen whether he can make that happen. The Mayor of New York

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