Overview
- The Saltus Wealth Index slipped to 61.3 from 64.7 over six months, with overall confidence at 59% versus 66% previously and well below the 84% level recorded before Labour’s first Budget in 2024, and older respondents are markedly more pessimistic.
- Respondents pointed to frozen income‑tax thresholds, higher capital gains treatment on property, changes to inheritance‑tax reliefs, reversals on pension allowances and other Budget measures as key reasons for weaker outlooks.
- Wealthy households reported tighter long‑term planning, with only 11% using the full £60,000 pension allowance last year and 68% planning to cut other spending to keep paying private school fees after VAT was applied.
- Relocation interest is rising, with more than a quarter considering leaving the UK and 11% saying they have started the process, naming the US most often alongside Canada, Spain, the UAE and Australia.
- Political preferences are shifting, with 40% saying they voted Labour at the last election but only 30% indicating they would do so again, and over‑55s moving toward Reform as Conservative support holds around 20%.