U.S. media take note: There are consequences to higher taxes. The WSJ reports:

A stream of hedge-fund managers and other financial-services professionals are quitting the U.K., following plans to raise top personal tax rates to 51%.
Lawyers estimate hedge funds managing close to $15 billion have moved to Switzerland in the past year, with more possibly to come. David Butler, founder of professional-services firm Kinetic Partners, said his company had advised 23 hedge funds on leaving the U.K. in the 15 months to April. An additional 15 are close to quitting the U.K., he said.
“In the past, managers would say they’d move some operations or dip their toe in the water,” Mr. Butler said. “Now that’s changed.”
Hedge fund Amplitude Capital took its $735 million in assets under management to Switzerland at the start of this year. In May, Odey Asset Management threatened to move.
All the hedge funds that have left the U.K. for Switzerland are concerned about tighter European Union regulations, as well as a new top rate of income tax announced by the U.K. government.
Starting next April, individuals in the U.K. who earn more than £150,000, or about $247,000, a year will pay tax at 51%, including national insurance. They will also be taxed heavily on pension payments.
Private-equity manager Guy Hands, founder of Terra Firma, decided to quit London for Guernsey. “He has no intention of returning in the foreseeable future,” a spokesman for Mr. Hands said.