A former chief economist at the Bank of England has said there should be “cause for pause” on the government’s plan to close the tax loophole for wealthy foreigners, after the Guardian revealed there were Treasury fears that it would not raise any cash.
Andy Haldane said it was reasonable that Rachel Reeves wanted to close the loophole for non-doms but that ministers should think carefully if the measure would not raise any revenue and consider what it would do for business confidence.
