One of the first magazine cover pieces I wrote as economics editor was: ‘Go – Why the Rich Are Fleeing Britain’. It claimed that changes to the non-dom regime, first enacted by the Tories and made more strident by Rachel Reeves, were leading to a wealth exodus from the country. Worryingly for me, though, reading today’s Financial Times, it seems I may have been wrong.

The pink sheet reports: ‘Data suggests fears of UK “non-dom” exodus overblown.’ Its story says that claims – such as mine – that tax changes meant non-domiciled taxpayers were going to leave en masse were overdone. Data from HMRC shows that only 0.5 per cent of them have upped sticks and left. In raw numbers, that’s 400 fewer non-doms than the year before. When I saw the headline, I’ll admit, my stomach dropped.

But........

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