Former Goldman Sachs chief Sherwood leaves Britain amid tax hike fears

A former Goldman Sachs chief who sits on the board of Revolut, Europe's most valuable private technology company, has become the latest prominent financier to leave the country amid concerns about Britain’s rising tax burden.

Sky News has learnt that Michael Sherwood has acquired a home in Jersey and recently became tax-resident on the island.

People familiar with his decision said he had been exploring the move with his family for some time.

When contacted by Sky News and asked if he had relocated to Jersey, Mr Sherwood confirmed that he had.

His move, which has emerged just days before John Healey, the chancellor, delivers his maiden Budget, will again stoke fears over the scale of Britain's eroding tax base as a growing number of the country's wealthiest people quit Britain.

Last month, the hedge fund billionaire Chris Rokos moved his tax residency from the UK to Greece, following a host of others, such as the steel billionaire Lakshmi Mittal.

Richard Gnodde, who ran Goldman's international arm alongside Mr Sherwood, has also left, for Milan.

Bloomberg's Billionaires Index recently calculated that individuals with aggregate fortunes of £120bn have left Britain in the last two years, triggered by concerns about the state of the public finances and Labour government policies aimed at repairing them.

Andrew Griffith, the Conservative shadow chancellor, said on Saturday: "Week after week, more news emerges of prominent businesses and investors fleeing the UK, yet this government seems entirely passive.

"'Growth in every postcode' cannot mean postcodes in Jersey, Milan or Dubai. Next week's Budget must take action to reverse this trend."

One Labour source pointed out that the exodus of billionaires had been started under the Tories, when Jeremy Hunt, the then chancellor, announced plans to abolish the non-dom tax regime.

In recent weeks, Treasury officials have scrambled to shut down persistent speculation about the possibility of exit taxes being imposed at the Budget.

Reports have suggested that proposals to bring capital gains tax in line with the top rate of income tax have also been ruled out by Mr Healey.

The chancellor nevertheless faces a difficult balancing act, with Britain's national debt continuing to soar and bond market investors exhibiting ongoing anxiety about the extent of the government's commitment to maintaining a firm grip on the public finances.

One City source described the news of another wealthy individual leaving Britain

Mr Sherwood, who is a minority shareholder in Tottenham Hotspur Football Club, became one of the City's most important figures during a three-decade career at Goldman.

Known as 'Woody' to colleagues, he rose to the role of co-chief executive of Goldman Sachs International, which encompasses the Wall Street giant's operations outside the US.

One of the most skilled traders of his generation, Mr Sherwood generated huge profits for the firm.

He joined Goldman aged just 20, became its head of debt syndicate - an important financing role - three years later, and was then promoted to the bank's lucrative partner ranks at 29.

He left in 2016 and has since focused on his wide range of philanthropic activities, as well as his business interests.

He joined the Revolut board in 2020, helping oversee its stunning growth into one of the world's most valuable fintech companies.

The digital bank, which recently gained a banking licence in the UK, has just been valued at $115bn following a secondary share sale.

Mr Sherwood has given tens of millions of pounds to a wide range of charities over a protracted period.

He co-founded Greenhouse Sports, a charity which uses sports coaching and mentoring to support disadvantaged young people, in 2002.

The former Goldman chief has also sat on the Westminster Abbey Campaign Development Board for more than a decade.

It is understood that his philanthropic activities will continue following his move to Jersey.

(c) Sky News 2026: Former Goldman Sachs chief Sherwood leaves Britain amid tax hike fears