CNBC's UK Exchange newsletter: UK's millionaire exodus spells more trouble for Labour

U.K. Chancellor of the Exchequer abolished the country's tax exemption on offshore trusts.

Overnight it turned the country from one of the most attractive destinations for the world's wealthiest people.

Among those leaving include Richard Gnodde , vice chairman of Goldman Sachs , and Nassef Sawiris .

More than 4,400 directors have left the U.K. in the last year , with departures accelerating in recent months .

Other countries are currently welcoming the rich with open arms.

The most effective thing to do would be to restore the exemption from inheritance tax granted to offshore trusts.

Chancellor needs to find some way of backing down without it looking like a U-turn.

— Holly Ellyatt The U.K. 's FTSE 100 has resumed its march upwards by rising around 0.3% over the past week , but is still 1.2% off from the record high reached in June . In addition, thieves are also doing their best to make sure there are fewer cars on the road in the U.K. A new study by the Royal United Services Institute said organized criminal gangs are driving the surge in car thefts — where vehicles are being stolen and shipped from the U.K. within 24 hours . — Ganesh Rao .