Outgoing Balfour Beatty chief executive Leo Quinn has called on Chancellor Rachel Reeves to reverse her abolition of the UK’s non-dom tax status, warning the move has deterred wealthy investors and is limiting funding for major infrastructure projects.
Quinn, who steps down after a decade leading the construction giant, said the decision to end the non-dom regime in April had driven “phenomenal” investment away from Britain, particularly from billionaires and wealthy families who could take a long-term view on projects.
“London’s the best city on the planet and what we should be doing is attracting all these billionaires and wealthy families here,” Quinn said. “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.”
High-profile departures following the policy change include Goldman Sachs banker Richard Gnodde, Aston Villa co-owner Nassef Sawiris and Norwegian shipping magnate John Fredriksen.
Quinn argued that the government should be doing more to encourage overseas businesspeople to invest in UK infrastructure, warning that Britain was “missing out” on opportunities to secure patient capital.
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