Belatedly – almost a full year after Labour came to power, in fact – the government has finally realised the damage it is doing.
In her first Budget as chancellor, Rachel Reeves scrapped the non-dom tax status, which for centuries has allowed some of the UK’s biggest wealth-creating residents to limit the amount of tax they paid on their overseas earnings. Days before this beleaguered administration’s first anniversary in power, Reeves is said to be considering one of those U-turns that have become fashionable in Labour circles.
