When it comes to non-doms, Britain's loss is Italy's gain

Italy is among Britain's closest European friends. Its prime minister, Giorgia Meloni, enjoyed a close bond with Rishi Sunak and that has been replicated for Keir Starmer. Yet it seems that friendship only goes so far and, when it comes to stealing a march on its ally, the Italians are showing a clean pair of suitably smartly designed heels.

- CHRIS BLACKHURST

Since coming to power, Starmer and his colleagues have done their level best to drive away the non-doms, the overseas rich who choose to settle and invest in the UK in return for tax advantages. They were hit by money-raising measures in Rachel Reeves's first Budget and while there has been a limited softening, the signal the chancellor sent was clear. Britain sees them as a target for taxation.

Our loss is Italy's gain. The amount they are raising from nondoms is increasing annually, running into the tens of millions.

That is just from taxes - the totals coming in from spending and investment are harder to quantify but likely to be substantially higher. As Reeves prepares for her next major financial statement, due shortly, she may wish to contemplate why it is that as Britain drives them away, others are doing their level best to woo them.

The consequence of her Budget is they are leaving in droves.