Billionaire media mogul Richard Desmond is preparing to divide his time between London and Dubai after reportedly “losing confidence” in British politics.

The former Daily Express owner has secured a golden visa from the United Arab Emirates, where he also bought a property over the summer.

The move has been described by one source as a “change of scene” for the businessman, although he will continue to be domiciled in the UK for tax purposes.

However, it comes as Mr Desmond grows increasingly frustrated with the political backdrop in the UK, both under the previous Tory administration and the Labour Government.

One person close to Mr Desmond told the Financial Times that the businessman had “lost confidence in British politics”, adding: “He likes being in the UK and will spend a lot of his time here but is an entrepreneur at heart – and he sees the opportunities now over in Dubai.”

The move will fuel fears that Britain is becoming an unattractive destination for entrepreneurs and the wealthy.

Charlie Mullins, the founder of Pimlico Plumbers, last month revealed he was putting his £12m London penthouse up for sale as he prepares to leave the UK.

Britain’s richest plumber said he instead plans to pour his money into properties in Spain, as well as Dubai.

It comes as wealthy Britons brace for tax hikes after Rachel Reeves, the Chancellor, warned she will have to make “difficult decisions” in her first Budget later this month.

Sir Keir Starmer has also hinted at tax hikes after saying that those with the “broadest shoulders” would have to carry the heaviest burden.

A report published earlier this week by the Adam Smith Institute found Britain will suffer the biggest exodus of millionaires in the world over the next five years.

By contrast, Germany, France and Italy are all predicted to increase their share as the wealthy seek out friendlier tax regimes.

The move by Mr Desmond, whose media empire stretched from pornographic magazines and phone sex lines to titles including OK! Magazine and TV channels such as Channel 5, comes after the mogul suffered a series of setbacks in the UK.

His company Northern & Shell missed out on the licence to run the National Lottery after being defeated in 2022 by Allwyn, the gambling group controlled by Czech billionaire Karel Komarek.

Mr Desmond is challenging the Gambling Commission’s decision and seeking £200m in damages.

Northern & Shell’s plans to transform the Westferry Printworks site in east London into a £1bn housing development have also been dogged by repeated planning issues, though the project won the approval of council officials on the third attempt in August.

A spokesman for Mr Desmond declined to comment.