High taxes, fiscal drag and the cost of living mean London is no longer the destination of choice for skilled employees – and competitors like the Basque Country are feeling the benefits, says Ivan Jimenez

I’m a proud native of the Basque Country in northern Spain, but having spent a lot of time in the UK consider myself very much an Anglophile.

So I sympathise with the 2m Brits that have been sucked into higher tax brackets as a result of years of fiscal drag policies, as a new report by finance specialists Rift shows. Rift found that the average high earner will see 21 per cent of their total income subject to the higher rate of tax in 2025, a figure which has climbed consistently since the freeze was implemented.

Indeed,........

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