Labour is facing fresh warnings over a potential tax revenue “shock” after another billionaire reportedly left the UK.

Chris Rokos, the hedge fund billionaire estimated to have paid around £330million to the Treasury last year, has become the latest high-profile figure linked to a growing exodus of wealthy taxpayers.

Ministers have sought to downplay the possible impact on the public finances, despite the sum being large enough to cover the salaries of about 10,000 newly qualified nurses. By comparison, the average annual income tax bill for an individual stands at just £8,510.

However, economists have cautioned that the true cost of “some very big UK taxpayers moving offshore” may only become clear once the next wave of self-assessment tax returns is submitted.

Labour has already introduced substantial tax rises since taking office in 2024, while Andy Burnham and Chancellor John Healey have declined to rule out further increases in next month’s Budget.

Hikes so far have included a crackdown on so-called ‘non-doms’ and inheritance tax, and adding VAT to private school fees. 

Fears have been mounting about how the Government will fund costly promises to build more council houses, overhaul social care and boost defence spending. 

Balancing the books has been made even harder as Government borrowing has been driven to a 28-year high by a bond market sell-off. 

Simon French, of Panmure Liberum, said: ‘One of the challenges with analysing UK tax data is that these high profile HNW (high net worth) departures don’t yet show up in the data. 

‘Indeed tax revenue is currently growing at almost twice the rate of NGDP so most of what we are seeing remains anecdotal. 

‘But next February could be quite the shock for fiscal headroom if the big self assessment returns (for January) come in much softer than forecast as a result of some v big UK taxpayers moving offshore in recent times.’ 

Shadow chancellor Andrew Griffith said: ‘Fewer wealth creators means fewer opportunities for young people – and leaves the rest of us paying more. 

‘When you hike taxes, our best and brightest will not choose Labour’s Britain.’ 

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Work and Pensions Secretary Pat McFadden was asked during a round of interviews this morning what he would say to Mr Rokos.  

‘I would say to him, the UK is a great country. This is a fantastic source of creativity, of innovation,’ he told Times Radio.

‘People want to live in the UK because it’s a great country. I continue to believe that it’s a great country.’

Mr Rokos, 55, donated £190million to Cambridge University earlier this year in what was described as the largest single donation to a British university in modern times.

The tycoon attended a state primary school before winning a scholarship to Eton.

He then studied maths at Pembroke College, Oxford.

Mr Rokos was paid £477million last year after a bumper year for his firm, with profits almost tripling to £940million. He owns the historic Tottenham House in Wiltshire, a 100-room Grade I-listed mansion near Marlborough.

Mr Rokos has also donated to the Conservative Party in the past.

His departure to Greece comes after the country introduced rules allowing some foreigners to pay a flat annual tax of €100,000 (£74,000) on all overseas income.

It is a major boost for Greece as it continues to rebuild its economy after a debt crisis that caused a major eurozone crisis in 2011.

A spokesman for Mr Rokos declined to comment.

James Lawson, chairman of the Adam Smith Institute, said: ‘Chris Rokos’s decision to flee Britain for Greece is just the latest manifestation of the ongoing wealth exodus. 

‘Adam Smith Institute research shows that the number of millionaires in Britain has now reached its lowest level since 2008 — a measly 442,000. 

‘As the reforms to the non-dom system take effect and taxes continue to rise, that number may well fall further.’

Rapidly retreating Arctic glaciers may be setting off a dangerous climate feedback cycle, with new research suggesting that meltwater is drawing ancient methane from rocks long buried beneath the ice.

The findings come from an analysis of 148 water samples taken from 19 glacier-fed rivers across Svalbard, the remote Norwegian archipelago located deep in the Arctic Ocean.

Scientists found that every river they tested contained methane concentrations higher than levels expected from simple exposure to the atmosphere.

In the most extreme cases, methane levels were as much as 425 times greater than normal, highlighting the scale of the hidden emissions being released through Arctic waterways.

Methane is a highly potent greenhouse gas, and when it escapes from rivers into the air it adds to global warming—potentially accelerating the very glacier melt that is helping release it.

As the planet warms and glaciers melt faster, more methane will be released, leading to yet faster warming and even greater melting.

Lead author Dr Gabrielle Kleber, a researcher with the iC3 Polar Research Hub, says: ‘The amounts reported here are small compared with human–caused emissions from fossil fuels, farming and waste.

‘But they matter because they reveal a natural feedback loop that is not confined to Svalbard, and that may grow as the Arctic warms.’

Importantly, the researchers found that this methane is not being created by microbes under the ice, as has been found to be the case in Greenland.

The teamanalysed the types of carbon found in the water, revealing that many contained propane and ethane in addition to methane.

This is exactly what you would expect to find if the methane has a geological source, rather than a biological one.

Many parts of the Svalbard archipelago contain layers of old shale rock that is rich in organic carbon.

Over millions of years, heat and pressure beneath the ground can transform this carbon into methane as well as other gases like propane and ethane.

Dr Kleber says: These glaciers are mostly melting on their surfaces, but this meltwater finds its way to the bottom of the glaciers through crevasses and holes.

‘This means that it interacts with the rocks underneath, and where those rocks contain ancient gas, the water can flush methane out into rivers.’

The researchers estimate that land–terminating glaciers across Svalbard may transport roughly 182 to 368 tonnes of methane per year in meltwater.

This is particularly worrying for the Arctic because methane is an especially powerful greenhouse gas.

Over 100 years, a kilogram of methane is 21 times more effective than a kilogram of CO2 at trapping heat in the Earth’s atmosphere.

That is in addition to previous, much higher estimates for the amount of methane being released by groundwater springs in front of glaciers.

Using ground–penetrating radar, the researchers also mapped the ice conditions in some of the glaciers to see which factors led to the highest methane emissions.

The most methane–rich waters tended to come from glaciers resting on rich seams of shale, but the state of the glacier itself also played a major role.

Co–author Leonard Magerl, from UiT The Arctic University of Norway, says: ‘The temperature at the base of glaciers is an important piece of the puzzle.

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‘We found that the biggest methane releases happened where the right rocks and the right glacier conditions came together.’

The big concern is that this additional boost of greenhouse gases will accelerate the already rapid melting of Arctic glaciers and cause yet more methane to be released.

As glaciers retreat and thin, more meltwater may reach their beds and come into contact with fractured rock, sediment and groundwater, flushing out more methane.

If that does lead to accelerated melting in the Arctic, the resulting sea level rise could trigger severe consequences for the rest of the world.

The Greenland Ice Sheet, which sits within the Arctic Circle, contains enough fresh water to raise sea levels by 23 feet (7.4m) if it were to melt entirely.

With recent research estimating that more than 100 million people currently live below sea level, this could cause a catastrophic displacement of people from coastal regions.

However, the researchers aren’t yet totally sure whether this cycle will keep on accelerating into the future.

Some Svalbard glaciers are actually getting colder at their bases as they shrink and melt at the surface.

If a glacier becomes frozen to the bedrock, its ability to flush methane out into rivers could diminish.

Dr Kleber adds: ‘Our results show that future methane release will depend on both geology and glacier change. That makes it important to know what lies beneath the ice, not only how fast the ice is melting.’

A teenage woman has described the horror of being pulled into woodland and raped by a Nigerian migrant whose deportation had previously been blocked on human rights grounds.

Gift Oladele, 24, attacked the 19-year-old as she made her way home along a quiet footpath in Wrexham, Wales, following a night out on September 7 last year.

The young woman, who has chosen to remain anonymous, has now recalled that after the assault, Oladele told her: “I think you’ve had enough now. At least you have been raped by someone good-looking.”

Before the attack, Oladele had approached her and claimed he was heading in the same direction, offering to walk with her as she returned home.

But when they reached a secluded stretch of the route, he covered her mouth, dragged her into nearby woods and raped her.

Oladele was found guilty of rape and sexual assault in a Mold Crown Court trial in March.

When he carried out the attack, he was already on bail over another rape allegation in his home city of Manchester in November 2024.

He was also previously jailed in 2022 for a sexually motivated attack, and it has emerged he successfully fought against deportation to Nigeria on human rights grounds. 

Recalling the rape last September, the woman, now aged 20, said: ‘He was a lot bigger than I was – I tried pushing him away, but he overpowered me.

‘He was covering my mouth. I was trying to get his arm off me, but he wasn’t budging. That’s when he raped me violently.

‘He asked me if it was the first time I had been raped. Pictures of my family kept flashing in my head because I thought he was going to kill me.

‘My brain just switched into survival mode – it was weird. It was either I do what he says, and I get home to my mum, or he is going to kill me.

‘He hit me in the head six times, and my backside and his handprint were bruised on me.

‘When he finished, he turned around and said, “I think you’ve had enough now. At least you have been raped by someone good-looking”.’

Oladele threatened he would “find her” if she reported the rape, and threatened to take photographs and post them online.

But when she got home at about 3.30 am, she immediately told her parents, and the police were called.

She said: ‘I came in screaming, saying “mum”, and then I walked into their room and I went, ‘you need to ring the police’.

‘My mum said, “Why?” and I said, “I’ve just been raped,” and my mum ran to the toilet to be sick.

‘I felt numb. I was hysterical. My brain couldn’t figure out what had just happened. My dad called the police, and they came out in about 10 minutes.

‘I just kept pacing up and down our living room to calm myself. I was trying to be strong to tell the police what had happened.

‘My grandma always says “God turns the hardest battles to the strongest soldiers”, and I kept thinking that for myself.’

Oladele was arrested the next day at his cousin’s home in Wrexham.

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He had attempted to hide a mobile phone from officers, which later revealed searches for sexual attacks.

She said September was the ‘hardest month of her life’ and the impact of the rape caused her relationship to hit a breaking point.

The woman explained: ‘There were numerous times a day when I would be hysterically crying because I didn’t want to be here anymore.

‘I went to A&E because I couldn’t eat, and they said I ended up with an eating disorder.’

Oladele denied rape and sexual assault, claiming the victim had consented, but a jury found him guilty at Mold Crown Court in March.

At Caernarfon Crown Court on Thursday, April 30, he was sentenced to a total of 25 years, including 17 years in prison, with an extended licence period of eight years.

He was also handed an indefinite Sexual Harm Prevention Order and a restraining order to protect the victim for life.

Oladele, a Nigerian citizen born in Italy, entered the UK with a valid clearance lasting until 2014 but subsequently remained in the country unlawfully.

After his first prison sentence, Oladele was due to be deported, but successfully appealed the decision.

He challenged the decision, arguing that removal would breach his Article 8 rights to private and family life.

Although the Home Office maintained that deportation was justified, Oladele appealed to an immigration tribunal in June 2023.

The tribunal ruled in his favour, finding that deportation would be disproportionate.

According to the Manchester Evening News, the judge at the immigration tribunal in 2024 said the matter was ‘finely balanced’.

The judge added that the offence Oladele had committed was ‘very serious’ and that there was ‘a strong public interest in deporting and excluding foreign criminals, especially one who has committed a frightening and public assault’.

However, the fact that he would be ‘a complete outsider should he relocate to Nigeria’ and that he had a ‘developed private life having grown up in the United Kingdom’ outweighed the public interest in deporting him.

The Home Office made two appeals, both of which were rejected by the court.

The young woman’s mother said: ‘Where are my daughter’s rights? That’s what I want to know. She has the right to walk home after a night out without being raped.

‘He showed no remorse in court.’

Wrexham Chief Inspector Caroline Mullen-Hurst said: ‘Oladele is a dangerous predator who left a young woman fearing for her life as he subjected her to a disturbing and terrifying attack as she walked home following a night with her friends.

‘He demonstrated no remorse for his crimes after forcing her to relive the traumatic experience through a trial.

‘I would like to praise the dignity and courage she has shown throughout the investigation, and for her bravery in reporting this incident to us.’

A Home Office spokesman said: ‘This was a horrific case, and our thoughts are with the victim. It is only right that this criminal has received a lengthy prison sentence for his actions.

‘More than 70,000 illegal migrants and foreign criminals have been returned since this government took office, a 41 per cent increase. We will always seek to deport foreign criminals at the earliest possible opportunity.’

Victims of rape or sexual assault, recent or non-recent, can self-refer to The Bridge, a Sexual Assault Referral Centre, which is available 24/7 365 days a year, visit their website or call 0117 342 6999.

Young workers without college degrees are benefiting from one of the strongest labor markets they have seen in decades, with unemployment near historic lows, according to a Burning Glass Institute analysis cited by the Wall Street Journal.

The Wall Street Journal reported Sunday evening that the data points to a particularly resilient job market for 22- to 34-year-olds who do not hold a diploma from a college or university.

The unemployment rate for that group is now approaching some of the lowest levels recorded since 2003, a sharp contrast with the experience of similarly aged workers who earned college degrees, the analysis found:

At the same time that workers without degrees are enjoying unusually strong prospects, college graduates are facing one of their tougher job markets. The strain appears even greater for people with advanced degrees or credentials in areas such as science and technology.

The split marks a notable shift from long-running patterns in the U.S. economy. Much of the change reflects basic supply and demand: employers need more skilled trades workers, while retirements among older workers and reduced immigration have tightened the available labor pool.

Meanwhile, more Americans have college degrees than ever, just as artificial intelligence is doing more of the entry-level work companies typically hire young graduates for.

The report comes days after an extremely strong jobs report on Friday, with the United States adding 162,000 jobs in August with unemployment holding at 4.1 percent, the same rate as in July. The report blew past economists’ forecast of just 55,000 jobs and an uptick in unemployment to 4.2 percent.

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As – News Economics and Finance Editor John Carney reported:

The private sector added 127,000 jobs in August, far more than the 53,000 expected. The prior month’s gain of 30,000 was revised up to 71,000.

Manufacturing payrolls rose by 16,000, above the 5,000 estimated. The July estimate was revised up from a gain of 5,000 to a gain of 14,000. Durable goods added 15,000 jobs in August after adding 24,000 in July and 13,000 in June.

Construction added 22,000 following an 18,000 gain in July. Construction has been increasingly in demand thanks to a data center building spree.

Leisure and hospitality unexpectedly added 62,000 jobs after contracting in July and June. Retail services added a slight 1,400 and wholesale added 7,800. Transportation and warehousing added 5,000 and utilities 2,500.

The jobs numbers come after revisions to both the June and July numbers, which together accounted for an additional 55,000 jobs.

Kai Trump has offered a look inside her upscale two-bedroom, two-bathroom apartment as she begins her freshman year at the University of Miami.

The 19-year-old, who joined the Florida university late last month and is a member of the women’s golf team, has been sharing her college experience with followers on her YouTube channel.

Rather than moving into a traditional dorm like many first-year students, Kai is settling into a polished off-campus-style home featuring a modern kitchen, an eye-catching fireplace, and her own private office space.

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In a video posted to her channel, she gave viewers a peek at her luxe living space, which featured a modern design and pristine new appliances.

She first showed off her open-plan kitchen with its expansive white countertop. 

Her refrigerator and appliances were built into the cabinetry for a minimalist look and the island unit was complemented by a row of metallic silver barstools and matching placemats.

Her living room had a large, cozy-looking white couch with wide seats, which she accessorized with gray throw pillows.

The rest of the living area boasted a white-and-gray patterned rug, a smaller white loveseat, a metallic gray coffee table and a flat-screen TV and console with a fake fireplace.

Kai’s bedroom was sleek and all-white, complete with a matching bedframe, sheets and shiny side table. 

She had made the second bedroom into a home office with a white desk, office chair and gray carpeting.

The office also featured another smaller, white couch and a plain wooden coffee table. 

Throughout the apartment, the college student made sure to add her own touches, including black-and-white art prints of the ski lifts in Aspen, Colorado, and a framed picture of her playing golf with her grandpa, President Donald Trump.

Kai said in the video: ‘I’m very, very lucky to have this, obviously as a freshman. I’m very lucky to have this apartment. It’s amazing.

‘I love it, it’s really nice coming home to no one, and after a long day on the golf course, it’s always nice to just chill here and do nothing.’

Her apartment tour comes just one week after she shared a vlog documenting her emotional final days at home and initial experience at school.

The teenager struggled with leaving her home in Jupiter, Florida, and was seen breaking down into tears while having to say goodbye to her family and friends.

She went on to show what the first week was like, as she ran from golf practice to athletic meetings to class.

At one point, her friend Emma came to visit. She brought Kai tons of frozen food, as the teenager claimed that she ‘hadn’t eaten in three days.’

‘It’s all pre-cooked so she doesn’t have to do anything crazy,’ Emma said.

‘She’s living off of diet sodas, so I got her fruit and prosciutto and we got her some pasta and bread and stuff, like basic foods.’

Kai’s first week at school only got worse when she announced in the vlog that she had come down with a bad case of strep throat and had to go back home to Jupiter for a few days.

‘I came all the way back to Jupiter because I was so sick I needed my mom to nurse me back to health.’

By the end of the video, she was back at school and spending time with her fellow golf team members.

Kai is the eldest daughter of Donald Trump Jr and his ex-wife, Vanessa Trump. The couple has five children together.