Labour’s Clamp Down on Non-Doms to Raise No Money
Sir Keir Starmer’s grand plan to raid the pockets of non-doms in a tax crackdown could leave a gaping £1 billion hole in funding earmarked for schools and hospitals, according to The Guardian. Treasury officials fear the punitive tax will raise no money at all, driving away the wealthy and draining the coffers…
It’s another example of Reeves and her cronies not understanding that tax hikes only send the rich packing their bags and take their fortunes elsewhere. The plans, initially imposed by the Tories, were flawed from the start. The OBR initially reckoned scrapping the non-dom tax loophole could rake in £3.2 billion a year, with Labour planning to spend £1 billion of the cash it would supposedly raise on public services. Though the figure was “highly uncertain” from the start. Labour continuing to create their own ‘black hole’…
