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Rachel Reeves has admitted she's eyeing up an embarrassing U-turn in another blow to her economic credibility.
Speaking from the billionaire-packed Davos summit, Ms Reeves said she is planning to amend her policy on taxing non-doms amid concern it will lead to even more millionaires fleeing Britain.
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She told a fringe meeting of the World Economic Forum conference: “We have been listening to the concerns that have been raised by the non-dom community”.
The Chancellor also told non-doms that changes to the rules will not affect double-taxation agreements.
“There’s been some concerns from countries that have double taxation conventions with the UK, including India, that they would be drawn into paying inheritance tax… That’s not the case: we are not going to change those double-taxation conventions.”
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READ MORE: 'Rachel Reeves just proved that a central Labour policy is absolute nonsense'
Rachel Reeves is currently in Davos for a conference of millionaires (Image: Getty)
The announcement has been met with scorn by the Conservatives, who say it is yet more proof that Labour’s Budget is “falling apart in front of our eyes”.
Shadow Chancellor Mel Stride accused Ms Reeves of finally admitting her plans are making the UK “less attractive”.
He blasted: “But the damage is already done - tax revenue equivalent to hundreds of thousands of taxpayers has already been lost. Labour simply does not understand business and the economy, and working people are paying the price.”
“It is obvious that this Chancellor is deeply out of her depth. She is losing control of the public finances and pressure is now building for yet more tax rises or spending cuts. She needs to come back to the UK and get our finances on a sustainable footing.”
Shadow business secretary Andrew Griffith said that while any U-turn is “welcome” he quipped: “This one on a small technicality is like turning off the ice cube maker in the cocktail bar of the Titanic!”
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Tory peer Lord Kempsell said the non-dom row back is “a classic Labour self-own way after the horse has bolted”.
“Big taxpayers with mobile capital have already left/leaving the UK, tweak to temporary repatriation facility won’t change minds, the problem is they got the message Labour hates success.”
The news comes amid other reports of economic chaos, with supermarket giant Sainsbury’s announcing 3,000 job cuts this afternoon.
The supermarket said a major reason for the cuts are the Chancellor’s hike in National Insurance contributions, which will cost it ￡140 million from April.
The cuts will come from a 20% reduction in senior management roles, as well as from shutting down their remaining cafes, and patisserie and pizza counters.
A poll of small businesses published today also suggests widespread gloom about the UK’s economic circumstances.
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Conducted by iwoca, one of Europe’s biggest lenders to small businesses, found that two in three small business owners now think the UK’s economy is in long-term decline.
The 500 SME owners also found they perceive the UK as the “worst major economy for economic growth”, in contrast to China as the top nation for economic growth and the USA as the home of wealth creation.
Asked about the watering down of non-dom taxes, a Downing Street spokesman insisted the u-turn does not “change the overall approach” of the policy.
They told journalists: “She refers to engagement and laying an amendment to the Finance Bill, but it doesn’t change our approach to replacing the outdated non-dom tax regime with a new internationally competitive resident-based system that addresses unfairness in our tax system, attracts the best talent and investment to the UK and ensures that everyone who is a long-term resident of the UK pays their tax here.”
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“And the OBR expects these non-dom reforms to raise ￡33.8 billion over the next five years to help fund crucial investment projects and public services.”
“As with all of these policies, it always involves engagement and consultation on the detail and obviously the Finance Bill will bring forward the final policy.
“But it doesn’t change the overall approach which is that we are replacing this outdated regime.”