Quick: someone get the leaders of Britain’s Labour government copies of the Laffer and Sinquefield book: Taxes Have Consequences. Actually, Labour just wrote the latest chapter.

The Brits have just abolished a 200–year-old tax break for wealthy residents hailing from overseas.  Britain’s inheritance tax now applies after just four years of residence, and for up to 10 years after residents leave the country.

A Bloomberg News analysis finds the new law is “setting the stage for the biggest exodus of wealth in the UK’s recent history…and an unforced — economic own goal.”

This chart tells the whole story: