We’re repeatedly told that raising taxes on extreme wealth will drive billionaires and millionaires out of the UK and that the economy will collapse as a result.

That story is economic mythology. In this video, I explain why the very wealthy are not as “highly mobile” as politicians claim, why money doesn’t “disappear” when someone changes residency, why businesses and jobs don’t pack up with the owner, and why a modest fall in sterling would not be the catastrophe we’re warned about.

The conclusion is simple: we should design tax policy around justice and economic need, and not fear and bluff.