A new report written by ex-Treasury economist Chris Walker estimates that more than 10% of non-doms have already packed their bags and fled the UK thanks to Labour scrapping the non-dom tax status. Another big blow to Reeves…
The report titled UK Non-Doms Tax Reform: A Critique and Retrospective Analysis estimates 26,000 non-doms – out of 238,000 who claimed non-dom status in the last 18 years – have left the UK based on figures from Henley & Partners on the number of millionaires leaving London in 2024. Data from the CEBR estimates if 25% of non-doms were to leave the UK, the net gain for the Treasury would be zero. Any higher the Treasury would start losing revenue…
The report also points out:
Chris Walker, founder of CW Economics and the report’s author said:
“It is clear that the original research that underpinned the Government’s decision to abolish non-dom status took a leap of faith. Its methodology around predicting behavioural changes was too narrow and that led to very optimistic findings about the number of non-doms who would leave and the amount of tax revenue the Treasury would raise”
Laffer curve already kicking into action…
David Lammy was asked on Times Radio if scrapping jury trials would eliminate the court backlog by the next election:
“It won’t be eliminated by the next election. That’s impossible. We just have 84 Crown courts across our country and 500 courtrooms.”