WEBVTT - Will Rachel Reeves Undo the Non-Dom Mess?

0:00:02.680 --> 0:00:18.160
<v Speaker 1>Bloomberg Audio Studios, podcasts, radio News. Welcome to in the City.

0:00:18.400 --> 0:00:21.159
<v Speaker 1>Each week we unpack a story that's crucial to the

0:00:21.200 --> 0:00:25.600
<v Speaker 1>world's financial capitals. I'm at alegra Stratton. So okay, we

0:00:25.720 --> 0:00:29.320
<v Speaker 1>know that it's a big news week, but interestingly, uncertainty

0:00:29.400 --> 0:00:32.000
<v Speaker 1>in the Middle East has not yet had a huge

0:00:32.000 --> 0:00:35.520
<v Speaker 1>effect on the markets. We also are not unaware promise

0:00:35.600 --> 0:00:38.440
<v Speaker 1>you that there's been a G seven and out of

0:00:38.479 --> 0:00:41.040
<v Speaker 1>that the UK did get some progress on its trade

0:00:41.040 --> 0:00:44.720
<v Speaker 1>agreement with the US. But even so, what has got

0:00:44.960 --> 0:00:48.000
<v Speaker 1>many people talking in the city is what an earth

0:00:48.440 --> 0:00:51.240
<v Speaker 1>may or may not be happening to the Chancellor's crackdown

0:00:51.720 --> 0:00:55.200
<v Speaker 1>on non doms. This week we returned to that decision

0:00:55.200 --> 0:00:59.240
<v Speaker 1>that Rachel Reeves made to essentially end the non dom status.

0:00:59.480 --> 0:01:01.720
<v Speaker 1>There are rooms that she may be about to do

0:01:01.880 --> 0:01:02.480
<v Speaker 1>a U turn.

0:01:04.200 --> 0:01:06.080
<v Speaker 2>Welcome to the City of London.

0:01:06.120 --> 0:01:11.800
<v Speaker 1>The City, the City of London. We leave mine a

0:01:11.880 --> 0:01:22.960
<v Speaker 1>gap between the and the financial heart of the country.

0:01:21.319 --> 0:01:22.600
<v Speaker 2>The City, the City.

0:01:23.040 --> 0:01:30.360
<v Speaker 1>Welcome to in the City. Stand clear of the doors. Pease. Okay,

0:01:30.400 --> 0:01:33.000
<v Speaker 1>So look, some news outlets are reporting Rachel Roofs could

0:01:33.040 --> 0:01:36.759
<v Speaker 1>reverse a decision to charge inheritance tax on the overseas

0:01:36.800 --> 0:01:40.319
<v Speaker 1>assets of non doms. We're going to get into how

0:01:40.520 --> 0:01:45.760
<v Speaker 1>substantiated those claims are in our conversation shortly, but before that,

0:01:45.920 --> 0:01:48.840
<v Speaker 1>let's have a quick look at the impact of the policy.

0:01:49.640 --> 0:01:52.400
<v Speaker 1>Our latest reporting shows that the exodus of non doms

0:01:52.440 --> 0:01:54.760
<v Speaker 1>could lead to a net drain on the UK economy,

0:01:54.840 --> 0:01:58.240
<v Speaker 1>with estimates suggesting we could lose thousands of jobs and

0:01:58.360 --> 0:02:02.080
<v Speaker 1>up to twelve point two billion over the coming four years. Now,

0:02:02.120 --> 0:02:05.559
<v Speaker 1>the journalist behind that is Ben Stupples and he joins

0:02:05.640 --> 0:02:07.800
<v Speaker 1>us in the London studio. Ben covers the world of

0:02:08.000 --> 0:02:12.040
<v Speaker 1>ultra wealthy for Bloomberg News in London. Ben Hi, Hi.

0:02:13.520 --> 0:02:16.200
<v Speaker 1>All right, Ben, Before we get onto whether or not

0:02:17.120 --> 0:02:21.239
<v Speaker 1>your sources believe that there is this U turn coming

0:02:21.280 --> 0:02:24.080
<v Speaker 1>on the non don status, quickly, just give us a

0:02:24.120 --> 0:02:27.320
<v Speaker 1>sense of how much of an impact it's had.

0:02:27.760 --> 0:02:30.639
<v Speaker 2>Yeah, thanks, sir legre. It certainly had an impact, and

0:02:30.760 --> 0:02:33.880
<v Speaker 2>let's just unpack that for a second. Being a data business,

0:02:33.919 --> 0:02:35.840
<v Speaker 2>we sort of tried to take a data driven approach

0:02:35.919 --> 0:02:38.360
<v Speaker 2>to this. So what we looked at was, in the end,

0:02:38.600 --> 0:02:41.720
<v Speaker 2>thanks to my colleague Max Harlow, very talented data guy

0:02:41.720 --> 0:02:45.800
<v Speaker 2>in our newsroom, we analyze five million filings in Companies house.

0:02:46.320 --> 0:02:48.720
<v Speaker 2>That's a pretty comprehensive data set. And what the question

0:02:48.840 --> 0:02:51.400
<v Speaker 2>we asked within that was, okay, there are certain filings

0:02:51.400 --> 0:02:54.320
<v Speaker 2>you have to make if you are a director business

0:02:54.400 --> 0:02:56.520
<v Speaker 2>leader in the UK, if you are going to live

0:02:56.560 --> 0:02:59.440
<v Speaker 2>somewhere else. So we searched for that filing and we

0:02:59.639 --> 0:03:03.320
<v Speaker 2>found that year on year, April twenty twenty five, the

0:03:03.360 --> 0:03:06.400
<v Speaker 2>filings for that month were about seventy five percent higher

0:03:06.720 --> 0:03:09.640
<v Speaker 2>than a year before. Now why is that important? That month?

0:03:09.840 --> 0:03:13.399
<v Speaker 2>The non norm system ended. The concept of non dom

0:03:14.280 --> 0:03:17.720
<v Speaker 2>ceased to exist from early April. So what we can

0:03:17.760 --> 0:03:22.080
<v Speaker 2>see here, maybe for the first time, is a definitive signaling,

0:03:22.560 --> 0:03:26.120
<v Speaker 2>an indication that not all is well with Britain's what

0:03:26.280 --> 0:03:29.240
<v Speaker 2>I guess we could term billionaire economy. And we hadn't

0:03:29.280 --> 0:03:31.160
<v Speaker 2>had that before. Now why haven't we had that? The

0:03:31.160 --> 0:03:33.520
<v Speaker 2>way nondonms have to disclose, the way that they have

0:03:33.600 --> 0:03:35.280
<v Speaker 2>the status and all that stuff, it's not like a

0:03:35.320 --> 0:03:37.800
<v Speaker 2>normal tax payer. There's a bit of a lag in

0:03:37.840 --> 0:03:41.720
<v Speaker 2>the time that HMRC, the UK Tax Authority, collects and

0:03:41.920 --> 0:03:45.600
<v Speaker 2>publishes the data for that. So actually HMRC, on the

0:03:45.640 --> 0:03:48.400
<v Speaker 2>back of US publishing a big story last week, said

0:03:48.520 --> 0:03:50.880
<v Speaker 2>that they will put out the final numbers out in

0:03:50.880 --> 0:03:53.360
<v Speaker 2>twenty twenty seven. So in the meantime we're sort of

0:03:53.400 --> 0:03:55.760
<v Speaker 2>stuck in this sort of a bit of a guessing

0:03:55.840 --> 0:03:58.360
<v Speaker 2>game and we're just doing our very best to try

0:03:58.400 --> 0:04:01.240
<v Speaker 2>and use the data that exists right now to try

0:04:01.240 --> 0:04:03.920
<v Speaker 2>and have a sense of is this really working from Britain.

0:04:04.560 --> 0:04:06.920
<v Speaker 1>So, Ben, do you from the sources you have in

0:04:06.920 --> 0:04:10.080
<v Speaker 1>the Treasury, do you think that the Financial Times that

0:04:10.120 --> 0:04:12.640
<v Speaker 1>first reported there was a U turn coming on this

0:04:12.880 --> 0:04:14.840
<v Speaker 1>end to the non dome status or certainly you know

0:04:14.920 --> 0:04:17.880
<v Speaker 1>substantial tweaks do you think that that's incorrect or do

0:04:17.920 --> 0:04:19.040
<v Speaker 1>you think something's afoot?

0:04:20.200 --> 0:04:22.120
<v Speaker 2>I can certainly understand why this might be on a

0:04:22.160 --> 0:04:26.160
<v Speaker 2>Racha Reaver's desk in the Treasury. Why because first and

0:04:26.200 --> 0:04:30.040
<v Speaker 2>foremost this is the topic causing the biggest heartburn, is

0:04:30.080 --> 0:04:34.839
<v Speaker 2>what the Financial Times reported. Actually that's the word they use, heartburn, heartsache.

0:04:35.279 --> 0:04:38.000
<v Speaker 2>It is this is the biggest problem for the non

0:04:38.080 --> 0:04:42.000
<v Speaker 2>dome changes. Why is that? It is because we previously

0:04:42.040 --> 0:04:44.840
<v Speaker 2>we're actually quite deliberate in saying to nondomes we're only

0:04:44.839 --> 0:04:46.400
<v Speaker 2>going to text you on what's happening in the UK.

0:04:46.800 --> 0:04:49.479
<v Speaker 2>Create a business here, you pay tax on that. Everything

0:04:49.480 --> 0:04:52.200
<v Speaker 2>else that's overseas shares in your holding company. Let's say

0:04:52.200 --> 0:04:56.080
<v Speaker 2>you're an Indian steel tycoon or a European tech entrepreneur.

0:04:56.120 --> 0:04:58.479
<v Speaker 2>Don't worry about that stuff. Just worry about what's getting

0:04:58.480 --> 0:05:00.000
<v Speaker 2>on in the UK. If you live here long enough

0:05:00.040 --> 0:05:03.599
<v Speaker 2>fifteen years, yeah, you'll eventually pay full UK tax on that.

0:05:04.080 --> 0:05:06.159
<v Speaker 2>But what raych Reeves has done is go after from

0:05:06.200 --> 0:05:09.680
<v Speaker 2>pretty much. Instead of fifteen years, we now have four years, right,

0:05:10.080 --> 0:05:11.880
<v Speaker 2>so that's a big deal. We've slashed the time that

0:05:11.960 --> 0:05:15.000
<v Speaker 2>people now exposed UK tax and the overseas assets, and

0:05:15.120 --> 0:05:18.120
<v Speaker 2>so it was the biggest issue and it was raising

0:05:18.560 --> 0:05:20.880
<v Speaker 2>only for about five hundred million according to Office for

0:05:20.920 --> 0:05:24.280
<v Speaker 2>Budget Responsibilities of Forecasts, out of an overall package that

0:05:24.360 --> 0:05:26.360
<v Speaker 2>was meant to raise more than thirty billion. Now let's

0:05:26.400 --> 0:05:30.600
<v Speaker 2>think about this from a sort of pragmatic power politically.

0:05:31.080 --> 0:05:35.039
<v Speaker 2>You know, how does this look in the treasury and

0:05:35.120 --> 0:05:39.719
<v Speaker 2>beyond When you're also hiking taxes for inheritance tax for

0:05:39.880 --> 0:05:44.080
<v Speaker 2>British farmers, you're also doing it for UK business entrepreneurs. Right,

0:05:44.160 --> 0:05:46.800
<v Speaker 2>so we've also hiked you know, roch to Reeves said

0:05:46.839 --> 0:05:49.120
<v Speaker 2>those are the broadest shoulders must bear the brunt of

0:05:49.160 --> 0:05:51.640
<v Speaker 2>all this business owners are getting a massive whack on

0:05:51.680 --> 0:05:55.159
<v Speaker 2>inheritance tax, So we don't right now, we don't know

0:05:55.240 --> 0:05:57.839
<v Speaker 2>for sure if this is going to come down the line,

0:05:58.520 --> 0:06:00.919
<v Speaker 2>you know. Basically this is all what we can define

0:06:00.920 --> 0:06:04.120
<v Speaker 2>it now is I guess speculation ahead of the next budget,

0:06:04.120 --> 0:06:06.800
<v Speaker 2>which will be based on previous years October November time,

0:06:07.080 --> 0:06:10.160
<v Speaker 2>So that's the drum of speculation is already starting over

0:06:11.040 --> 0:06:13.160
<v Speaker 2>what was announced only months ago, right and just being

0:06:13.240 --> 0:06:15.480
<v Speaker 2>enacted into law. And this is clear. This is this

0:06:15.520 --> 0:06:19.680
<v Speaker 2>is actual legislation. So we'd need another Act of Parliament too,

0:06:19.839 --> 0:06:21.680
<v Speaker 2>as far as far as I understan it, we need

0:06:21.680 --> 0:06:24.839
<v Speaker 2>another Act of Parliament to amend all these and to

0:06:24.880 --> 0:06:26.719
<v Speaker 2>make any other big wholesale changes.

0:06:27.240 --> 0:06:30.000
<v Speaker 1>The reason why this is a hair that's convincing to

0:06:30.000 --> 0:06:33.240
<v Speaker 1>have running is that there is a now a recent

0:06:33.360 --> 0:06:36.840
<v Speaker 1>history of U turns, and so it feels completely conceivable

0:06:37.000 --> 0:06:40.200
<v Speaker 1>that if evidence comes in that it's backfiring, that she

0:06:40.360 --> 0:06:43.960
<v Speaker 1>would want to reverse track. But you're also right that

0:06:44.360 --> 0:06:48.279
<v Speaker 1>she's also got pressure from her left in the Labor Party,

0:06:49.120 --> 0:06:51.320
<v Speaker 1>given what they're doing with farmers and so on, to

0:06:51.440 --> 0:06:54.440
<v Speaker 1>keep up the sort of parity. We can't know now,

0:06:54.720 --> 0:06:57.239
<v Speaker 1>and we won't know now what they will end up doing,

0:06:57.600 --> 0:07:00.240
<v Speaker 1>But I wonder whether it's you can give us insight

0:07:00.279 --> 0:07:03.480
<v Speaker 1>into whether it would even help if she were to

0:07:03.560 --> 0:07:05.520
<v Speaker 1>do this. I mean, what I find interesting about your

0:07:05.560 --> 0:07:09.120
<v Speaker 1>reporting are the analysts who speak to who who say, look,

0:07:09.120 --> 0:07:11.680
<v Speaker 1>there's a trust issue here now, so say they did

0:07:11.960 --> 0:07:15.960
<v Speaker 1>reverse on this. What's to say, given everything any intelligent

0:07:16.000 --> 0:07:19.080
<v Speaker 1>person is reading about the state of the public finances,

0:07:19.120 --> 0:07:22.600
<v Speaker 1>what's to say, yes, she gives non doms a reprieve now,

0:07:22.640 --> 0:07:25.520
<v Speaker 1>but what about in another year when things are sticky,

0:07:25.720 --> 0:07:27.240
<v Speaker 1>perhaps even harder fiscally.

0:07:27.720 --> 0:07:29.840
<v Speaker 2>You're completely right doing. You asked me what my sources

0:07:30.000 --> 0:07:32.360
<v Speaker 2>have said in the back of this. We did survey

0:07:32.400 --> 0:07:34.560
<v Speaker 2>a lot of private wealth sources yesterday, asking hey, did

0:07:34.600 --> 0:07:37.360
<v Speaker 2>you see this coming? A lot of them said it

0:07:37.480 --> 0:07:40.680
<v Speaker 2>frankly bent. The horse has already bolted, to quote one source,

0:07:41.120 --> 0:07:44.840
<v Speaker 2>If Rachel Reeves does this now, it doesn't even matter. Really, Yeah,

0:07:44.880 --> 0:07:47.320
<v Speaker 2>it's a big issue. But actually, what we've had here

0:07:47.440 --> 0:07:49.800
<v Speaker 2>is it's not a single decision that made non doms go.

0:07:49.960 --> 0:07:52.960
<v Speaker 2>Let's just rewind the tape a little bit. It wasn't

0:07:53.000 --> 0:07:54.960
<v Speaker 2>actually the labor who came out with these moves in

0:07:54.960 --> 0:07:57.040
<v Speaker 2>the first place. It was the Tories in March twenty

0:07:57.080 --> 0:07:59.480
<v Speaker 2>twenty four, and then richids soon at Courts the election,

0:08:00.360 --> 0:08:02.120
<v Speaker 2>and then we get Labor saying you know, we're going

0:08:02.200 --> 0:08:03.720
<v Speaker 2>to do that, and we're going to go even further.

0:08:03.920 --> 0:08:05.960
<v Speaker 2>So that was in July. So I believe it's in

0:08:05.960 --> 0:08:07.960
<v Speaker 2>the build up to July with Labor winning the election,

0:08:08.040 --> 0:08:10.040
<v Speaker 2>and then after a lot of non doms went okay,

0:08:10.120 --> 0:08:11.640
<v Speaker 2>I was thinking of going, but now I'm definitely going

0:08:11.720 --> 0:08:14.840
<v Speaker 2>to go. And then we had rach Reeves standing up

0:08:14.960 --> 0:08:17.320
<v Speaker 2>at the budget saying I'm doing this. So that was

0:08:17.360 --> 0:08:20.080
<v Speaker 2>almost like a triple whammy. It wasn't like sort of

0:08:20.120 --> 0:08:22.320
<v Speaker 2>like a one stop hit, right, a sort of a

0:08:22.400 --> 0:08:24.360
<v Speaker 2>hit and run legislative sort of move, a.

0:08:24.440 --> 0:08:27.200
<v Speaker 1>Systematic ratcheting up of pressure on this group.

0:08:27.520 --> 0:08:30.880
<v Speaker 2>Yeah, and then the broader context here is a lot

0:08:30.920 --> 0:08:33.440
<v Speaker 2>of non dums were already settled even before that. Why

0:08:33.520 --> 0:08:37.320
<v Speaker 2>because you know things about Brexit and the fallout of that.

0:08:37.400 --> 0:08:40.079
<v Speaker 2>You think about We've had half a dozen prime ministers

0:08:40.480 --> 0:08:45.520
<v Speaker 2>within the past decade, So Britain's traditionally attracted the global elite.

0:08:45.559 --> 0:08:48.640
<v Speaker 2>Why because of the political and economic and legal stability.

0:08:48.679 --> 0:08:50.400
<v Speaker 2>They always come up when he talked ultra and it

0:08:50.440 --> 0:08:52.400
<v Speaker 2>worths about why they love London, why they love living

0:08:52.440 --> 0:08:54.679
<v Speaker 2>in Britain. We've actually pulled the rug from under their

0:08:54.679 --> 0:08:57.319
<v Speaker 2>feet for those three reasons really over the last decade.

0:08:57.400 --> 0:08:59.440
<v Speaker 2>And if Rachel reeves to bring it full circle, if

0:08:59.600 --> 0:09:01.320
<v Speaker 2>ate to Reeve's and says, actually, I'm going to scrap

0:09:01.440 --> 0:09:03.440
<v Speaker 2>all that inheritance tax stuff, the thing that I was

0:09:03.559 --> 0:09:05.960
<v Speaker 2>really making a big song and dance over for nondoms,

0:09:06.040 --> 0:09:08.160
<v Speaker 2>We're not going to do it now. It actually furthers

0:09:08.200 --> 0:09:11.679
<v Speaker 2>that narrative that you can't really trust Britain now. You're

0:09:11.720 --> 0:09:14.679
<v Speaker 2>not really economically and fiscally secure here.

0:09:15.440 --> 0:09:18.199
<v Speaker 1>Yeah, you've got sort of a double vulnerability for her. One,

0:09:18.280 --> 0:09:21.560
<v Speaker 1>it's your kind of lack of clarity and conviction in

0:09:21.679 --> 0:09:24.760
<v Speaker 1>what she believes. And then secondly, you know, the direction

0:09:24.880 --> 0:09:26.880
<v Speaker 1>of travel is that there's a hole in the public

0:09:26.920 --> 0:09:30.439
<v Speaker 1>finances rather than don't worry the public finances are fixed.

0:09:30.720 --> 0:09:33.520
<v Speaker 1>But just looking at the other jurisdictions that have really

0:09:33.559 --> 0:09:38.640
<v Speaker 1>aggressively been pursuing the British ultra ultra high net worth individuals,

0:09:38.640 --> 0:09:41.199
<v Speaker 1>as we say, rather than the super rich, which used

0:09:41.200 --> 0:09:43.760
<v Speaker 1>to be the phrase a few years ago. And you've

0:09:43.800 --> 0:09:47.840
<v Speaker 1>got Italy and cities like Milan, You've got Dubai. You've

0:09:47.840 --> 0:09:50.360
<v Speaker 1>got Trump too, with his trunk cards or his golden

0:09:50.440 --> 0:09:53.840
<v Speaker 1>visas trying to entice the rich to America with you know,

0:09:53.920 --> 0:09:57.960
<v Speaker 1>the possibility becoming a US citizen quite easily. How much

0:09:58.000 --> 0:10:02.240
<v Speaker 1>of these other offers much more attractive than the environment

0:10:02.280 --> 0:10:02.720
<v Speaker 1>in the UK.

0:10:02.880 --> 0:10:05.600
<v Speaker 2>Now, Italy is a really good example. Actually, this is

0:10:05.600 --> 0:10:07.839
<v Speaker 2>a sort of a policy for them that's actually it's

0:10:07.920 --> 0:10:10.240
<v Speaker 2>run through as far as I understand it, it's run

0:10:10.280 --> 0:10:12.160
<v Speaker 2>almost through like a sort of central government hub. So

0:10:12.200 --> 0:10:15.760
<v Speaker 2>it's very systematic and it's very consistent. You don't have

0:10:15.800 --> 0:10:18.400
<v Speaker 2>the language in Milan. You do have to speak Italian

0:10:18.440 --> 0:10:20.280
<v Speaker 2>all of the time, but I would say it's the

0:10:20.280 --> 0:10:22.080
<v Speaker 2>closest sort of like for like, And they've got a

0:10:22.120 --> 0:10:25.680
<v Speaker 2>more attractive regime now that's actually now fifteen years, which

0:10:25.720 --> 0:10:28.000
<v Speaker 2>is what we previously had for a nonin regime. But

0:10:28.040 --> 0:10:30.040
<v Speaker 2>now if you're in Italy you've got fifteen years and

0:10:30.120 --> 0:10:32.480
<v Speaker 2>in the UK it's four. I mean, that's a pretty

0:10:32.600 --> 0:10:34.760
<v Speaker 2>if you're looking at a spreadsheet, it sort of makes sense,

0:10:34.760 --> 0:10:37.000
<v Speaker 2>and hey, life in Italy isn't that bad, and that

0:10:37.160 --> 0:10:38.880
<v Speaker 2>this is a crucial thing as well. You can get

0:10:38.880 --> 0:10:41.760
<v Speaker 2>around if you go the Milan Malplins if you've ever

0:10:41.800 --> 0:10:43.880
<v Speaker 2>been there in some holiday as Allegra, you can get

0:10:43.920 --> 0:10:46.680
<v Speaker 2>around pretty easily, you know, and you can get to

0:10:46.720 --> 0:10:47.280
<v Speaker 2>London as well.

0:10:47.600 --> 0:10:51.480
<v Speaker 1>What are you saying about London's public exactly? Yeah, and

0:10:51.520 --> 0:10:55.040
<v Speaker 1>their inheritance tax regime is much more generous, isn't it.

0:10:55.160 --> 0:10:56.600
<v Speaker 2>Yeah, that's a crucial one, Allegra.

0:10:56.960 --> 0:10:58.760
<v Speaker 1>And I think that from the people that we have

0:10:58.840 --> 0:11:01.000
<v Speaker 1>heard from on in the city in the sort of

0:11:01.120 --> 0:11:03.520
<v Speaker 1>nine to twelve months, that this has been a particular

0:11:03.559 --> 0:11:07.040
<v Speaker 1>acute problem. It is that inheritance tax aspect that has

0:11:07.080 --> 0:11:10.400
<v Speaker 1>completely freaked out a generation of people who for whom

0:11:10.400 --> 0:11:11.960
<v Speaker 1>it is very pertinent.

0:11:12.520 --> 0:11:14.480
<v Speaker 2>Yes, in Italy has been very good on that. And

0:11:14.520 --> 0:11:17.200
<v Speaker 2>even if you end up living in Italy for let's

0:11:17.200 --> 0:11:19.040
<v Speaker 2>say twenty to thirty years, you set it down, you

0:11:19.040 --> 0:11:21.200
<v Speaker 2>have your grand kids there, Well, are you exposed to

0:11:21.240 --> 0:11:21.720
<v Speaker 2>forty percent?

0:11:21.840 --> 0:11:22.120
<v Speaker 1>No? Not.

0:11:22.160 --> 0:11:23.840
<v Speaker 2>I think it's about four percent top of my head,

0:11:24.200 --> 0:11:28.679
<v Speaker 2>so massively difference. And just other jurisdiction I'd highlight jurisdictions.

0:11:28.720 --> 0:11:31.040
<v Speaker 2>I would say Abu Dabby's done a very good job

0:11:31.360 --> 0:11:35.880
<v Speaker 2>to buy is pretty strong that in terms of marketing themselves,

0:11:35.920 --> 0:11:39.960
<v Speaker 2>Abi Dabi has a central government hub agency that actually

0:11:40.040 --> 0:11:41.959
<v Speaker 2>is really I would say ruling out of the red

0:11:41.960 --> 0:11:44.880
<v Speaker 2>carpet globally, but I would say they're not blind to

0:11:44.880 --> 0:11:47.360
<v Speaker 2>the fact that, you know, London's a pretty active market

0:11:47.440 --> 0:11:48.320
<v Speaker 2>for movements.

0:11:48.800 --> 0:11:50.600
<v Speaker 1>So Ben just to kind of try and tie this

0:11:50.679 --> 0:11:52.839
<v Speaker 1>all together and we do try it on in the

0:11:52.880 --> 0:11:56.240
<v Speaker 1>city to be somewhat positive. If you were the Chancellor

0:11:56.280 --> 0:11:58.360
<v Speaker 1>and you're looking at the numbers that you set out

0:11:58.440 --> 0:12:01.199
<v Speaker 1>very clearly at the beginning of this odd what would

0:12:01.200 --> 0:12:03.280
<v Speaker 1>be the smart thing to do to say, Look, I've

0:12:03.280 --> 0:12:06.480
<v Speaker 1>obviously damaged trust, but I really need you guys to stay.

0:12:06.559 --> 0:12:09.160
<v Speaker 1>Guys and girls to stay. You know, you are GDP

0:12:09.360 --> 0:12:12.560
<v Speaker 1>critical to what I'm trying to do. What would you

0:12:12.600 --> 0:12:17.320
<v Speaker 1>suggest she do with some credibility to actually keep them

0:12:17.360 --> 0:12:17.800
<v Speaker 1>in London.

0:12:18.600 --> 0:12:21.120
<v Speaker 2>The big elephant in the room is the fact that

0:12:21.160 --> 0:12:25.000
<v Speaker 2>we scrapped our Golden visa regime in twenty twenty two

0:12:25.280 --> 0:12:28.079
<v Speaker 2>because of we were keen at the time to clean

0:12:28.120 --> 0:12:31.560
<v Speaker 2>out any Russian money that we didn't think should be here. Now,

0:12:32.120 --> 0:12:34.679
<v Speaker 2>that was a big deal and we haven't replaced it

0:12:34.720 --> 0:12:37.360
<v Speaker 2>since then. And you mentioned earlier that US President Donald

0:12:37.320 --> 0:12:40.280
<v Speaker 2>Trump is making a big song and dance about Yeah,

0:12:40.320 --> 0:12:42.600
<v Speaker 2>the Trump card, the US Golden visa, bring it in.

0:12:42.760 --> 0:12:45.480
<v Speaker 2>You know, I'd be looking at that if I was

0:12:45.640 --> 0:12:49.120
<v Speaker 2>both Racheries and Kirstarmer for that matter. It's interesting we

0:12:49.120 --> 0:12:50.800
<v Speaker 2>did report that they were looking at some sort of

0:12:50.800 --> 0:12:54.199
<v Speaker 2>strategic investor visa and that got a lot of tongues wagging,

0:12:54.480 --> 0:12:57.160
<v Speaker 2>not just in the know private wealth community, but beyond that.

0:12:57.200 --> 0:12:59.719
<v Speaker 2>You know, that's interesting. I think it's politically defendable for

0:12:59.720 --> 0:13:02.240
<v Speaker 2>Starle and Reeves. You know, they came to powers saying

0:13:02.280 --> 0:13:05.320
<v Speaker 2>they are keen for growth, that's their number one priority. Well,

0:13:05.360 --> 0:13:09.240
<v Speaker 2>if you want someone from overseas to invest in Britain's infrastructure,

0:13:09.400 --> 0:13:12.520
<v Speaker 2>which you know there's a broader economic benefit for that,

0:13:12.600 --> 0:13:15.800
<v Speaker 2>right from the heighth of the low classes, that's defendable,

0:13:15.920 --> 0:13:19.080
<v Speaker 2>I would say, and more possible than I would say

0:13:19.160 --> 0:13:21.959
<v Speaker 2>doing anything wholesale change with the non dom stuff, where

0:13:21.960 --> 0:13:24.320
<v Speaker 2>they'vehin their colors to the mask, they've said we're going

0:13:24.400 --> 0:13:26.400
<v Speaker 2>to do this, and if they do anything to change it,

0:13:26.440 --> 0:13:29.240
<v Speaker 2>then it speaks to you can't trust labor with the economy,

0:13:29.240 --> 0:13:31.560
<v Speaker 2>you can't trust labor with all of you know, the

0:13:31.600 --> 0:13:34.800
<v Speaker 2>non domb stuff, and it speaks to the broader issues

0:13:34.800 --> 0:13:36.679
<v Speaker 2>that made non domsun settled in the first place.

0:13:37.760 --> 0:13:39.839
<v Speaker 1>Ben, that's a brilliant place to leave it. Thank you

0:13:39.960 --> 0:13:43.000
<v Speaker 1>so much and good luck with your reporting. Thank you,

0:13:46.480 --> 0:13:49.520
<v Speaker 1>thanks for listening to this week's In the City from Bloomberg.

0:13:49.800 --> 0:13:53.240
<v Speaker 1>This episode was hosted by me alegra Stratton. In the

0:13:53.280 --> 0:13:57.079
<v Speaker 1>City is produced by Summersadi and Moses and with sound

0:13:57.080 --> 0:14:01.840
<v Speaker 1>designed by Blake. Maple's Brendan Francis new is our executive producer.

0:14:02.360 --> 0:14:06.440
<v Speaker 1>Special thanks to Ben Stupples. Please subscribe, rate, and review

0:14:06.880 --> 0:14:08.520
<v Speaker 1>wherever you listen to podcasts.