Guy Hands retired as the boss of private equity firm Terra Firma in 2023Photo: Bloomberg via Getty Images

The UK should abolish inheritance tax to turn the tide on an exodus of millionaires that has left the country “facing the economic equivalent of World War Two”, according to private equity baron Guy Hands.

The Guernsey-based founder and former chair of Terra Firma toldFinancial News’s sister publicationPrivate Equity Newsthat Britain is in “a really horrendous situation”.