Governments around the world, desperate to plug widening budget deficits, are either raising taxes, or likely to do so in the coming months. Some pessimists have warned that footloose capital will move to the least punishing domicile. But the early indications are that wealthy individuals, many of whom have already been targeted by tax hikes, might not be in such a hurry to move.

In October, the UK recorded its worst budget deficit number since records began and national debt is approaching 60% of gross domestic product. British government finances are in their worst state in living memory.