UK Wealthy Report Lower Economic Confidence On Tax Changes

Economic confidence among the UK’s wealthiest individuals has declined, reversing moderate gains made in late 2025. The latest Saltus Wealth Index Report highlights renewed concerns about the government’s tax policies and ongoing uncertainty.

The report, released on 24 February 2026, surveyed 2,000 individuals holding over £250,000 in investible assets. The findings suggest that key tax changes and policy reversals have played a significant role in dampening optimism, at a time when strong economic sentiment is seen as crucial for national growth.

Economic Sentiment Drops Among Wealthy Britons

The Saltus Wealth Index, which measures sentiment among high net worth individuals (HNWIs), decreased from 64.7 to 61.3 over the past six months. This follows a brief recovery in the second half of 2025, prior to several major tax announcements.

The overall confidence among participants in the UK economy now stands at 59 per cent, a fall from 66 per cent reported six months earlier, and a marked decline from 84 per cent before the Labour Government’s initial Budget in August 2024.

Nearly one quarter of those surveyed expressed a lack of confidence in the broader economy. These figures reflect a reversal in sentiment, with key contributors identified as recent fiscal policies and shifting government signals.

Survey Reveals Shifts in Financial Outlook

The twice-yearly Saltus survey targeted individuals with significant investible assets, and found that confidence in personal finances has also weakened.

The proportion of respondents expressing confidence in their own financial outlook dropped from 92 per cent a year ago to 87 per cent now, returning to levels seen in early 2025.

Respondents flagged several factors affecting their outlook, including changes to Income Tax bands, Capital Gains Tax increases on property sales, and new rules on Inheritance Tax reliefs. High net worth individuals noted concern over frequent reversals of policy direction, particularly with respect to pension allowances.

Confidence in London’s Financial Role Falters

Confidence in London maintaining its status as Europe’s leading financial hub also saw a decline. The proportion of survey participants who believe London will remain the continent’s premier financial centre over the next decade dropped from 73 per cent to 66 per cent.

Among individuals aged 65 and over, optimism about London’s financial influence fell even further, with only 32 per cent expressing confidence. This reflects wider apprehension about the UK’s competitive position internationally.

Tax Policy Cited as Source of Concern

Taxation emerged as the central concern among wealthy survey respondents. More than one in five described the top Income Tax rates of 40 and 45 per cent as excessively high, while 16 per cent stated that current Inheritance Tax levels were unreasonable.

Beyond tax itself, many pointed to related policies such as frozen Income Tax thresholds and more restrictive treatment of agricultural and business assets for Inheritance Tax as sources of unease. The report highlights that these measures, alongside policy U-turns since 2024, are seen as undermining economic certainty.

Age Differences in Optimism and Uncertainty

The Saltus report reveals notable age disparities in economic sentiment. Respondents aged 25 to 44 were the most optimistic, with 78 per cent positive about the UK’s future prospects.

In contrast, just 9 per cent of those aged 65 and above shared this outlook, while 61 per cent of the latter group expressed a lack of confidence in the economy. These generational differences were also reflected in attitudes towards risks to personal wealth.

Inflation was identified as the most significant threat for 2026 by 51 per cent of respondents, followed closely by tax changes and rising interest rates.