Andy Haldane cautioned against swiftly closing the tax loophole for wealthy foreigners, suggesting it might hamper business confidence and deter private investment needed for economic growth.
Haldane emphasized the importance of assessing the impact on business confidence before implementing the measure, given that it could lead to non-doms leaving the UK and a negative fiscal outcome.
Despite Labour's strategy to fund social initiatives through the closure of the loophole, Haldane warned that it could result in a drain on revenue if wealthy individuals chose to relocate.
Haldane noted a recent decline in business confidence amid budget uncertainties, urging that any fiscal policies consider how they might encourage or discourage investment.
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