Britain is missing out on billions in investment after Chancellor Rachel Reeves scrapped the controversial non-dom tax status, industry bosses have warned.
The Chancellor’s April decision to end non-dom status has been blamed for a string of high-profile departures, including Goldman Sachs banker Richard Gnodde, Aston Villa co-owner Nassef Sawiris, and Norwegian shipping tycoon John Fredriksen.
Leo Quinn, outgoing chief executive of construction powerhouse Balfour Beatty, said the move to end non-dom status had scared off many wealthy investors who might otherwise back major UK projects.
“London’s the best city on the planet and what we should be doing is attracting all these billionaires and wealthy families here … because what they bring with them and the investments they make is phenomenal,” Mr Quinn said.
He added: “I’m hoping that one [minister] will see the light and say, ‘Maybe we’ve gone a little bit too far in what we’ve done around non-doms … and we’ll look to mitigate some of those rules.’”
Mr Quinn, 68, told The Telegraph that Britain was losing out on opportunities to attract wealthy businesspeople who could take a long-term approach to investing in infrastructure.
“The Government could do more to increase investment here, and there’s huge opportunities to bring investment into the infrastructure market,” he said.
Official figures back up the warning: foreign investment in the UK fell sharply last year, hitting 1,375 inbound projects – a 12% drop to its lowest level since records began in 2008, according to the Department for Business and Trade.
Despite the slowdown, Balfour Beatty’s profits have surged thanks to government-backed infrastructure projects, with half-year earnings up 18% to £132m. The firm is working on key schemes such as the £833m Net Zero Teesside carbon capture project and the Sizewell C nuclear plant, where it is handling a third of the main civil engineering works.
Mr Quinn’s stark warning comes as ministers struggle to drum up foreign cash at a time when Britain’s infrastructure ambitions are in urgent need of investment.
Reporting in this story is informed by reporting from The Telegraph. Story worth reading in full here: https://www.telegraph.co.uk/business/2025/08/13/reverse-non-dom-tax-crackdown-to-get-britain-building/
