Britain "Doomed" Under Labour As Wealthy Scramble To "Get The Hell Out Of London", Ryanair Boss Warns

Ryanair CEO Michael O’Leary has criticized Labour's economic policies, claiming the UK is doomed under their leadership. O'Leary believes the Labour government's tax plans are "dumb," particularly targeting wealth and air travel. He expressed a lack of faith in the Chancellor's ability to stimulate economic growth. O'Leary stated wealthy individuals are leaving London due to potential tax increases like a mansion tax. He criticized the air passenger duty, threatening to relocate Ryanair's capacity to countries with lower taxes. Labour's strategy of increasing entry taxes hinders economic growth, according to O'Leary. He suggested that attracting tourists and then taxing them is a better approach. O'Leary's comments echo the concerns of other UK business leaders about Labour's policies. Despite his criticism, Ryanair reported a significant profit increase in the last six months. This profit rise was fueled by higher fares and increased passenger numbers. The average airfare increased significantly during the period.