Reeves blasted over Davos investment drive while millionaire non-doms desert the UK
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Labour chancellor will try to attract overseas investment at World Economic Forum meeting this week while row rages at home over tax changes for millionaire foreign nationals living in the UK. Labour has been accused of trying to have it both ways as Rachel Reeves jets off to Davos to try to attract foreign investment while new figures show a millionaire leaves the country every 45 minutes.
![[Shadow chancellor Mel Stride has hit out at the chancellor]](https://static.independent.co.uk/2025/01/14/14/10960beac5aed049dad9d239e4444a46Y29udGVudHNlYXJjaGFwaSwxNzM2OTQ5MjY2-2.78685254.jpg)
The chancellor will travel to the World Economic Forum’s annual meeting in the Swiss ski resort this week hoping to attract overseas cash to the UK. But shadow chancellor Mel Stride accused her of “trying to drum up investment whilst her own tax sprees have discouraged exactly that”.
![[A row over Rishi Sunak’s wife Akshata Murty’s finances thrust the non-dom issue into the spotlight]](https://static.independent.co.uk/2024/09/29/13/2024-09-28T154456Z_1459238497_RC2R9AAIZNA1_RTRMADP_3_BRITAIN-POLITICS-CONSERVATIVES.jpg)
The exodus of millionaires has been blamed on the party’s crackdown on so-called ‘non-doms’, a form of tax status for well-off foreign nationals living in Britain, and tax hikes in the Budget. The figures, compiled by the analytics firm New World Wealth Britain lost a net 10,800 millionaires last year, a 157 per cent increase on 2023, including 78 centi-millionaires (worth at least £100 million) and 12 billionaires.
Rachel de Souza, a tax partner at auditing company RSM UK, said the demand for relocation advice was being driven by those with ‘non-dom’ status before October’s Budget and entrepreneurs afterwards. It follows a difficult start to the year for Ms Reeves after market turmoil led to warnings she must either cut spending or hike taxes to meet her own fiscal rules.
