Thousands of wealthy individuals could leave the UK because of the income tax hike announced today, which will bring tax levels to 45% for those earning £150,000 (€176,000) or more, wealth advisers have warned. Non-domiciled residents, who came under tax pressure last year, may be the first to go.

Wealth advisers have said that the income tax rise confirmed by Chancellor of the Exchequer Alistair Darling in his pre-Budget report, could have "harmful" reverberations for the economy according to senior financial advisers, triggering a mass exodus of the UK's wealthy.