‘A typical socialist money-grab’
Downing Street has spoken out against Charlie Mullins, Britain’s richest plumber, after he said he will flee the country to escape tax hikes.
Following Labour’s plans to increase tax, the founder of Pimlico Plumbers has decided to put his £12million River Thames Penthouse up for sale and is looking to invest abroad to avoid a potentially increasing inheritance tax.
Mullins said that his family would “go mad” if they had to pay an increased inheritance tax on the apartment claiming he will now invest his money into property in Spain and Dubai.
Back in 2021, the 71-year-old sold his firm for £145million to Neighborly, an American home services outfit.
In response to being asked whether Mullin’s decision to uproot for abroad was “patriotic”, a Downing Street spokeswoman said: “The PM believes that the UK is the best place to do business and invest in and the focus of the government is in insuring we are supporting businesses and providing them with the stability and longevity to do business here.”
She added: “The Prime Minister has been clear that growing the economy is the central and first mission of this government.
“But at the same time it is also right you have to first fix the foundations of our economy and that is why we are being straight with the public and restoring public finances.”
Mullins, who is often described as Britain’s richest plumber, is a well-known supporter of Nigel Farage and Reform UK.
Despite this, the businessman has said he wants to have “no assets in the UK whatsoever” and has openly admitted that he intends on not paying tax next year after leaving the country.
Speaking to The Telegraph, Mullins said: “I’ll have no investments here, no bank account here. It’s all in the process now. I think my last tax bill is January and that’s me done.
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“I’m selling my property because of the inheritance tax. It’s a £12m property – if I lose £6m, I’m brown bread. Family would go mad.”
Mullins has been outspoken about leaving the country while he has also previously called Labour’s plans “a typical socialist money-grab”.
This decision will see Mullin’s 3,500sqft lavish penthouse with views of central London return to the market.
The Prime Minister Sir Keir Starmer has warned that ahead of the Autumn Budget, the “broadest shoulders” will bear the heaviest burden with Chancellor Rachel Reeves saying that the budget will see “difficult decisions” made.
The Labour government seem intent on increasing tax, notably on the more wealthy, however, experts have warned this could lead to a mass exodus of millionaires and businesses that make up a significant proportion of the economy.
Mullins started the Pimlico Plumbers business back in 1979, operating out of an estate agent’s basement after growing up in poverty on the Rockingham Estate in London’s Elephant and Castle.
He left school at 15 with no qualifications.
