Voices: Reeves is wrecking UK growth by alienating wealthy entrepreneurs who bring investment and jobs
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Reeves and her boss Keir Starmer do not appear to understand the competition to attract the international rich - and the benefits they bring. Rachel Reeves will soon head to Davos to impress upon the world’s financial elite that Britain is open for business and ready and willing to receive their backing. Meanwhile, those who have invested in Britain are taking their money and leaving.
It’s an absurd contrast. Ours is a planet that is increasingly interconnected, in which wealthy people can move freely, choosing where to live and to put their cash. Gone are the days when a few countries acted as magnets, drawing the lion’s share. Today, it’s a crowded field. The competition to attract the international rich, who bring with them cash and jobs, is ferocious and intensifying.
Yet Reeves and her boss, Sir Keir Starmer do not appear to understand this. They show little appreciation for the forces of globalisation. Instead, they’re intent on throwing away an existing strong position, built upon the universality of the English language, Britain’s culture and its legal and education systems, creativity and innovation, and at the same time sending a signal that Britain is shut for business.
How else to interpret their crackdown on non-doms. At a time when Britain is struggling, when the economy is pulverised by international headwinds, they scrap an in-built advantage. New figures show that Britain lost a net 10,800 millionaires to migration last year, a 157 per cent increase on 2023. Of that exodus, 78 were worth £100m-plus and 12 were billionaires. Many were foreigners, qualifying for favourable non-domicile tax treatment.
