Updated: Sunday, 17th June 2018 @ 7:49am

Nearly half of North West millionaires claim to be better off now than 12 months ago

Nearly half of North West millionaires claim to be better off now than 12 months ago

By Sam Wakefield

North West millionaires have seen their finances improve in the last 12 months - bucking the national trend.

According to research from investment specialist Skandia, 44 percent claim their families are better off than 12 months ago and 23 percent have seen no change.

And over 41 percent think the next year is going to see better economic news.

The feel-good factor around the Queen's Diamond Jubilee and London Olympics are two reasons, while reports that Chancellor George Osborne is set to scrap the 50p tax rate have also been welcomed.

However, findings also reveal that just under 40 percent of the regions' most wealthy would also consider moving to another country.

France, the USA, Spain and Australia are the most popular emigration destinations and the biggest reason for wanting to move is the cost of living and high taxation.

Skandia's UK head of investment strategy Graham Bentley claims the findings highlight the need for Mr Osborne to show courage and eliminate the 50p tax rate on those with incomes over £150,000.

Reports claim he is ‘determined’ to slash the top rate of income tax to 40p this week as a dramatic signal of his commitment to building an enterprise economy.

But Coalition partners remain divided and are demanding new taxes on wealth in return - a move, it's claimed, could lead to a wealth drain away from the North West.

"Economic policies that attack the UK's higher earners echo those of the Labour government of the late 1970s and are fuelling their discontent about living in Britain," said Mr Bentley.

"Unless this government is completely comfortable with a 'wealth drain' from the UK it should show courage and abolish the 50p spite-tax."