Chancellor Rachel Reeves faced claims last night that she was being snubbed at home and abroad by powerful rich investors potentially vital to Britain’s economy.
A record total of millionaires have reportedly quit the UK since Labour won power over its plans to replace the ‘non-dom’ tax regime.
‘Non-doms’, whose permanent home is abroad, may only pay tax here on money earned in the UK.
The Mail on Sunday can also reveal that Ms Reeves has not got a main speaking slot at the prestigious World Economic Forum which opens tomorrow in Davos, Switzerland.
Not one member of Sir Keir Starmer’s Cabinet is included on the agenda for the five-day event.
Only last week Ms Reeves insisted she had ‘what it takes to deliver for people in this country’.
But yesterday Tories seized on a report that sparked fears her policies were encouraging an exodus of very wealthy foreigners.
There were also concerns that home-grown British entrepreneurs were also packing their bags in the wake of tax hikes in Ms Reeves’s Budget.
Chancellor Rachel Reeves, pictured, faced claims last night that she was being snubbed at home and abroad by powerful rich investors potentially vital to Britain’s economy. Picture: The then shadow Chancellor in Davos in January 2023
The Mail on Sunday can also reveal that Ms Reeves has not got a main speaking slot at the prestigious World Economic Forum which opens tomorrow in Davos, Switzerland
Global analytics firm New World Wealth says Britain lost a net 10,800 millionaires last year – a 157 per cent increase on 2023, with one millionaire reportedly quitting the country every 45 minutes since the election.
A report in The Times also highlighted concerns that far from raising billions of pounds in extra tax, the non-dom changes will lose Britain money as so many wealthy people will leave and no longer spend their money here.
Shadow Chancellor Mel Stride said last night: ‘Labour say their number one priority is growth and yet their disastrous Budget is driving away the very people who will deliver that growth.’
In a further blow to Ms Reeves, she is not listed for any of the more than 900 slots available for panellists and key speakers in Davos – in contrast to her high-profile appearances when she was in Opposition.
Last January, the then Chancellor Jeremy Hunt, pictured, was invited to speak in a key Davos debate on technology
Last January, the then Chancellor Jeremy Hunt was invited to speak in a key Davos debate on technology.
The Treasury said that Ms Reeves would be speaking ‘at a series of private events’ at Davos ‘with top level attendees from across business and government, as well as at a range of side events and bilateral meetings’.
Last night former Tory MP Grant Shapps, who spoke at Davos in 2023 when he was Business Secretary, said: ‘Rachel Reeves attending Davos without even being given a platform to speak underlines Labour’s fundamental problem: they don’t understand business – and the world sees it.’
The Treasury spokesman said that it was ‘right that those who can afford to should contribute their fair share to fix the foundations to provide stability and fund public services to drive growth’.
