Billionaire Richard Desmond buys Dubai house after ‘losing confidence’ in British politics
By contrast, Germany, France and Italy are all predicted to increase their share as the wealthy seek out friendlier tax regimes.
The move by Mr Desmond, whose media empire stretched from pornographic magazines and phone sex lines to titles including OK! Magazine and TV channels such as Channel 5, comes after the mogul suffered a series of setbacks in the UK.
His company Northern & Shell missed out on the licence to run the National Lottery after being defeated in 2022 by Allwyn, the gambling group controlled by Czech billionaire Karel Komarek.
Mr Desmond is challenging the Gambling Commission’s decision and seeking £200m in damages.
Northern & Shell’s plans to transform the Westferry Printworks site in east London into a £1bn housing development have also been dogged by repeated planning issues, though the project won the approval of council officials on the third attempt in August.
A spokesman for Mr Desmond declined to comment.
