Two-thirds of millionaires left Britain to avoid 50p tax rate.

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Or at least that's the headline in the UK's Telegraph newspaper. The Telegraph is often a very good newspaper, and this story is clearly going to get a lot of attention.

But this time, it has completely misunderstood the data.

Read this comprehensive demolition of the Telegraph story by TJN's Senior Adviser, aptly entitled The Telegraph’s claim that all the rich have run away because of 50p tax is completely bogus.

Did it not occur to this journalist that if most of Britain's rich people had left the country overnight, someone might have noticed?