Rachel Reeves' recent proposal to amend non-dom tax reforms has drawn criticism from the financial community, especially from deVere Group's CEO, Nigel Green. He emphasized that the proposal lacks necessary details to reassure investors. Green argues that the UK's appeal to wealthy individuals has diminished due to previous tax changes and inconsistent messages from policymakers, leading to frustrations and a growing search for more stable jurisdictions. The overarching sentiment is one of lost trust and growing uncertainty among high-net-worth individuals.
"Wealth and job creators, advisors, and business leaders alike have repeatedly raised concerns about the destabilising effect these policies would have on the UK's global competitiveness."
"This announcement is more a symptom of the government's failure to grasp the bigger picture than a meaningful effort to rebuild trust."
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