How ‘Soviet’ Norway became a grim warning to Keir Starmer

Norway became a cautionary tale of what can happen to a Left-wing government that blindly pursues green energy policies and alienates its wealth generators.

The Labour party is expected to rule alone until the general election later this year .

Thousands of rich Norwegians have left the country since the coalition took office four years ago .

Since 2022 , a quarter of Norway ’s top 400 taxpayers have left, representing more than $54 billion ( 44 billion ) in assets and a net decrease of $448 million ( 360 million ) in tax revenue.

The government introduced a so-called “exit tax” which also included a tax on unrealised capital gains.

Couple with the wealth tax, this has made Norway one of the most hostile countries in Europe for start-up entrepreneurs.

Sweden abolished its wealth tax in 2007 and France did so in 2008 .

Norway has so much oil and gas wealth it does not need to tax the rich.

Wealth taxes have been mooted for a similar economy killer’ in most countries.

Wealth tax and dividend tax have been tried in many countries but have been repealed.