Former Goldman Sachs International co-chief executive Michael Sherwood has confirmed that he has relocated to Jersey and become tax-resident on the island, according to a report published by Sky News on 24 October 2026.
The move comes days before Chancellor John Healey is due to deliver the Budget on 28 October, amid debate over the UK tax burden and the decisions of some wealthy individuals to relocate abroad.
What has been confirmed?
Sherwood, who left Goldman Sachs in 2016 and serves on the board of financial technology company Revolut, confirmed his relocation when approached by Sky News. The broadcaster reported that he has acquired a home in Jersey and is now tax-resident there.
People familiar with his decision told Sky News that he and his family had been considering the move for some time. There is no established evidence that a specific Labour tax proposal caused his relocation.
Conservative criticism ahead of the Budget
Conservative shadow chancellor Andrew Griffith responded by warning that the departure of prominent business figures and investors raises concerns about Britain's attractiveness to wealthy taxpayers. He urged the Government to address the issue in the forthcoming Budget.
A Labour source cited by Sky News argued that the movement of wealthy individuals overseas had begun before the current Government took office, pointing to changes to the non-dom regime proposed under the previous Conservative administration.
Wider debate over tax and investment
The report follows other high-profile changes of tax residence among wealthy financiers. However, individual relocations do not, by themselves, establish the number of people leaving Britain, the overall impact on public revenue or the causes of each decision.
Speculation has surrounded possible tax changes ahead of the Budget, but proposals discussed in media reports should not be treated as adopted Government policy. The Chancellor is expected to set out tax and spending decisions on 28 October.
Source: Sky News: Former Goldman chief Sherwood leaves Britain amid tax hike fears (24 October 2026).