In a decisive move to reshape Britain's economic landscape, Chancellor Rachel Reeves has unveiled a comprehensive plan aimed at ending tax breaks for non-domiciled residents and revitalising the UK's financial growth. The Labour government's strategy targets long-standing inequalities while fostering investment in critical sectors like housing and infrastructure.
Scrapping Non-Dom Status: A Fairer Tax System
The flagship policy abolishes the controversial non-dom tax regime, which has allowed wealthy foreign residents to avoid UK taxes on overseas income for up to 15 years. "This outdated loophole has cost taxpayers billions while creating an unfair two-tier system," Reeves stated during her announcement at the Treasury.
Housing Market Revolution
The Chancellor's plan includes ambitious measures to address the housing crisis:
- Reforming planning laws to accelerate construction of 1.5 million new homes
- Introducing new mortgage products for first-time buyers
- Launching a nationwide insulation programme to reduce energy bills
Economic Growth Through Strategic Investment
Reeves emphasised that the reforms would create "a more productive, innovative economy":
- Establishing a National Wealth Fund to invest in green industries
- Partnering with pension funds to finance infrastructure projects
- Implementing new fiscal rules to maintain economic stability
Political analysts suggest these measures represent the most significant economic policy shift in decades, with the potential to redefine Britain's financial future. However, critics warn the changes might initially deter some foreign investors.
The Chancellor concluded: "This is about building an economy that works for working people - fairer, more sustainable, and ready to meet the challenges of the 21st century."
