'Having weakened the economy by the misguided decision to impose higher NI cintributions on employers, Rachel is now desperate to stimulate growth, even if this means blighting people's lives with aircraft noise'.Also, she seems to be reverting to a Mandelsonian attitude to the 'filthy rich' !'[New Labour] is intensely relaxed about people getting filthy rich'. - speech to executives in Silicon Valley, California, October 1999.Rachel Reeves has said she will amend the finance bill to soften planned changes to the tax regime for “the non-dom community” after intense lobbying from wealthy UK residents.In the latest evidence of the government’s determination to roll out the red carpet for businesses and investors in an effort to kickstart growth, the chancellor said she would tweak tax arrangements announced in her October budget for those claiming non-domiciled status.The current regime allows these non-doms – usually a wealthy resident in Britain whose father was born overseas – to avoid paying UK tax on their overseas earnings in exchange for fees for up to 15 years. Reeves is replacing this with a shorter residence-based regime from April.“We have been listening to the concerns that have been raised by the non-dom community,”What she meant to say is - "I have a policy regarding non-doms, but if you lobby me hard enough and we are desperate for your tax money then I have another which is its opposite" !
John Hawkes ● 12d