The number of millionaires in the UK has fallen by 50% since 2007, and the number of billionaires has decreased from 75 to 43 since 2008, signalling a fall in tax revenues over the next few years, the Centre for Economics & Business Research has found. Accountancy firm Saffery Champness has revealed that this could result in higher tax hikes to come, and lower donations to charities in the coming months. Partner at the firm, Ronnie Ludwig, said: 'The drop in tax revenues could be exacerbated by Britons emigrating to escape the economic downturn and projected increases in taxation. Public spending cuts are likely to be deep and prolonged, but it is clear that tax rises in other areas will be inevitable.' Statistics published by the government for 2007/08 reveal that HMRC's annual receipts totalled £451,053m. The largest revenue made in that figure is from income tax which accounts for almost £150,000m, followed by capital gains tax and inheritance tax contributing £5,268m and £3,824m respectively.