Thousands of wealthy individuals are readying to quit the UK because of the income tax hike expected later today, which will bring tax levels to 45% for those earning £150,000 or more, say advisers. 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, expected to be confirmed later today when Chancellor of the Exchaquer Alistair Darling announces the pre-Budget report, could have "harmful" reverberations for the economy according to senior financial advisers, triggering a mass exodus of the UK's wealthy.