A survey by investment service Wealth Club has found that UK millionaires now see higher taxes as a greater threat to their wealth than war or economic instability, with the autumn Budget looming. Almost half of the 341 millionaires polled in July named higher taxes as their biggest concern, and a further 26 per cent cited future government policy, far outweighing worries about geopolitical events or inflation. This matters because it suggests confidence in Britain's economic direction is faltering just as chancellor John Healey prepares to deliver the Budget on 28 October, with Labour widely expected to target the super-rich with further tax changes.

Inheritance tax was the single biggest worry, cited by 22 per cent of respondents, followed by fears of a new wealth tax (21 per cent) and a possible rise in capital gains tax (18 per cent). Nearly all those surveyed expect taxes to rise over the coming year, and seven in 10 said they were not confident about the UK's economic outlook, with most also predicting higher interest rates and inflation. Despite this pessimism, over a third still viewed UK shares as undervalued. The findings come amid a separate push from the Patriotic Millionaires UK group, including Gary Lineker and Richard Curtis, who have urged mayor Andy Burnham to back a 2 per cent tax on wealth above £10 million.