Outgoing chief executive Leo Quinn has urged Chancellor Rachel Reeves to reconsider the abolition of the UK's non-dom tax status. He emphasized that this decision has deterred substantial investment, particularly from billionaires and wealthy families interested in long-term projects. Quinn believes the government should strive to attract these investors to improve UK infrastructure funding. Data show that foreign direct investment hit its lowest level since 2008, with a 12% decline in 2023. Balfour Beatty reported a rise in profits, aided by expedited government approvals for ongoing projects.
Quinn warned that the abolition of the non-dom tax status has deterred wealthy investors, limiting funding for significant infrastructure projects in the UK.
High-profile departures after the policy change include notable figures such as a Goldman Sachs banker and a Norwegian shipping magnate, underscoring the impact of this decision.
#non-dom-tax #infrastructure-investment #wealthy-investors #foreign-direct-investment #balfour-beatty
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