An Radio interview turned tense as presenter Nick Ferrari skewered Economic Secretary Emma Reynolds on tax plans.
Nick was talking to the MP on his programme when he insisted she answer the question he’d put to her. He said: “One thing that’s only gone on on your watch is the extraordinary number of millionaires and billionaires, wealth creators, who have left the country.
“An unprecedented level in the last six months. Why do you suppose that is?” he quizzed her.
Reynolds slowly answered: “Well, I think that we are doing our best to ensure that we have business investment higher, PWC last week-“
But Nick cut her off, arguing: “That is an answer, but it’s not the answer, is it, minister? I asked you why do you suppose millionaires and billionaires…”
Nick Ferrari skewered a Labour MP on his LBC show (Image: LBC)
She insisted: “It is related. I mean, PWC did a survey of global CEOs and they bring wealth and jobs to our country, and they found that the UK was the second most attractive place in the world to invest after the US.
“This is the best ranking for 26 years, so I’m just saying to you that there are other indicators about economic growth and about the economic conditions that we are in.”
Nick pressed her: “Do you think this exodus of wealth creators is behind why Rachel Reeves tried to undo some of her policies regarding non-doms?”
Treasury secretary Emma Reynolds appeared on the programme (Image: LBC)
Reynolds sighed as she said: “Well, we have clarified the rules around non-doms. As she explained at the weekend, we have brought into place a residential requirement about bringing wealth into the country, so that when non-doms bring wealth into the country they don’t face punitive tax rates.”
She added: “But we stand by our position that if you make the UK your home, you should pay tax here.”