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it's a funny old world when the pleas of
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pensioners farmers and shopkeepers fall
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on deaf ears but a labor Chancellor
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flies to Davos to break the news that
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she's listened to the concerns of the
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Nom community and will be watering down
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her assault on their tax Arrangements
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now I could just end there frankly I
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could just leave you to M over that
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little encapsulation of the state of
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things but there's plenty to discussed
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this week including those non-dom
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reforms so welcome to the week in
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business with me Christian
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so let's take a look at the mega rich
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and we can start with the news that
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nearly 11,000 millionaires left the UK
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in 2024 many of whom would have had
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non-dom stasis which protects ultrarich
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foreign Nationals from paying tax in the
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UK on their overseas earnings and wealth
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at least that's how it worked for about
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200 years before the government followed
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through with this commitment to end that
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special status building on work that
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began under the previous government now
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in case you're of review that this
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country can do perfectly well without
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the globally mobile Mega thank you very
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much consider that research from the
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Adam Smith Institute this week
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calculated that between them those
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11,000 newly departed millionaires pay
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the same amount in tax as half a million
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average UK taxpayers meaning the
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treasury will need to find 500,000 new
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taxpayers to make up for that loss now
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that's quite a chunk of change and
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perhaps explains why the chancellor is
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looking again at some of the rules she
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announced in her budget but this is
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closing the stable door after the
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thoroughbreds have bolted wealth
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advisers have told Cam this week that
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the tweaks are too little too late but
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there is something else we can take from
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the Chancellor's exercise in damage
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limitation and it's important a crack
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has opened up in the budget Rachel Reed
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says she'll table amendments to her own
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finance bill to accommodate the changes
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to the non-dom rules and so a precedent
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is being set changes can be made partial
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u-turns can be considered and this has
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not gone unnoticed farming groups last
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night jumped at the chance to say well
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what about us their argument goes that
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is the new inheritance rules on Family
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Farms have been properly scrutinized
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it's right and proper now that the
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government Rose back on that policy now
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in this battle the farmers have some
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unlikely new allies the country's
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biggest supermarkets little Tesco and
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ALDI have joined Asda in demanding a
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consultation into the hugely
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controversial decision to Levy
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inheritance taxes on family Farms
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warning that the policy risks smashing
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the confidence of British farmers and
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undermining their ability to invest with
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grave consequences for food security and
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the rural economy now they say the
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policy should be paused while a proper
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review is carried out and the government
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should listen to them supermarkets of
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course are facing their own difficulties
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thanks to government policy Sams Brees
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this week announced 3,000 job Cuts in
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response to the rise in National
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Insurance and labor costs and they are
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not alone unemployment has risen as
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businesses put into action what they've
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been longt telling economic surveys the
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budget has made it harder and more
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expensive to employ people so they'll
3:07
have to employ fewer people in addition
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to raising prices and cutting their
3:11
costs elsewhere this was entirely
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predictable and therefore entirely
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avoidable now just today the latest red
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flag alert issued by insolvency
3:21
Specialists beg's trainer reveals that
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the number of companies facing critical
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financial distress has climbed 50% since
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the budget with 46,000 firms entering
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distress in the last quarter of last
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year and Hospitality in retail
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businesses are suffering the most so
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it's been another week in which the
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government promises growth tomorrow
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while ignoring its death throws today
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big moves on infrastructure investment
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including new runways at our major
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airports and Regulatory changes to stop
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environmental concerns from holding up
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new house building are excellent ideas
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but they weren't in Labour's Manifesto
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which devoted exactly 20 words to the
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aviation sector focusing on the
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promotion of sustainable fuel so either
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they always planned to back airport
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expansion but decided to keep it a
4:05
secret or they've reached for the policy
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now because they're in desperate need
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for some progrowth news either way it
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doesn't exactly speak to the existence
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of a coherent economic strategy I can't
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shake the idea that they're making this
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up as they go along and if that's the
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case well then we're in even more
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trouble than I thought because this is
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not the time to not have a plan warning
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lights are flashing red unemployment is
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rising business and consumer human
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confidence have crashed it is tough out
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there it Remains the case that this is a
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brilliant country powered by exceptional
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businesses entrepreneurs Founders
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Farmers Risk Takers and shopkeepers but
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the government has taken them for
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granted and is now taking them for
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fools on that note I'll say have a good
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weekend stay up to date and in the know
4:52
with the cityam app and I'll see you
