Even a Reversal May Not Bring the Ultra-Rich Back
The budget crisis left by the Tories and Labour’s policy prescriptions have so-called non-doms saying goodbye to Britain.
Rachel Reeves, UK chancellor of the exchequer, outside 11 Downing Street ahead of the presentation of the spending review in London on June 11.
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It’s no secret the Labour government’s policy to tax the UK’s wealthiest as part of its effort to fix a budget crisis left by the Conservatives has caused Prime Minister Keir Starmer some headaches. The biggest exodus of wealth in the UK’s recent history appears to be underway, and the data shows the departure is likely to be a drain on the economy. But is it enough for Chancellor of the Exchequer Rachel Reeves to change course? And should she?