The Daily Telegraph, March 7, Professor Patrick Minford
In the name of nonsensical fiscal rules, this Budget compounds cravenness with an attack on the very people who can help the economy.
The abolition and replacement of non-dom status, raising a few billion pounds in accounting terms by giving international investors a measly four years in which UK tax rates will not be levied on their overseas earnings, is a basically worthless offer in terms of inducing such people to settle and run businesses here.
It is likely that their exodus will result in a fall in UK revenues as their activities move elsewhere. The evidence of the “Laffer curve” behaviour of other high-paid groups in response to high marginal tax rates strongly supports such a verdict.
Many non-doms are business people from abroad who contribute to our economy by investing and creating jobs, or providing valuable skills, and who support jobs with their spending.
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