Plans to abolish non-dom status will be amended to allow a more generous phase out of tax benefits, Chancellor Rachel Reeves has announced. Reeves told an audience at the World Economic Forum in Davos that changes would be made to upcoming legislation to increase the generosity of a facility to help non-doms repatriate their funds to the UK.

“Rachel Reeves is thinking the right way but she’s in a difficult position,” said a senior UK bank executive in Davos . “Labour in the UK have made a lot of good decisions but it is very hard for them and the [bond market] challenges of last week reinforce that issue.”

That left Rachel Reeves, Britain’s chancellor, with an uphill task when she arrived at the Swiss alpine town to court investors at the annual meeting of the World Economic Forum. She met a raft of Wall Street bosses,

Sainsbury’s today announced it will cut over 3,000 jobs, including 20% of senior managers — a headline we shared among colleagues in the newsroom simply with the comment: “oof.”“Oof” is right. It is a big blow to the thousands of people set to lose their jobs,

Rachel Reeves has been accused of a “Davos deal for millionaires” after announcing she was watering down moves to make wealthy foreigners pay more tax. The chancellor said she had been “listening to the concerns” of “non-doms” living in the UK.

Rachel Reeves is planning to water down her tax raid on ultra-wealthy non-doms after an exodus of millionaires from Britain.

British Finance Minister Rachel Reeves will urge company bosses at the World Economic Forum meeting in Davos, Switzerland, to invest in the UK, emphasising its political and economic stability and pro-business government,

Chancellor Rachel Reeves said she wanted the tax burden to come down but that would depend on the economy and public finances improving.

Rachel Reeves has been championing investment in Leeds at the World Economic Forum in Davos, as the Government announced new reforms to try and drive regional growth.

Chancellor of the Exchequer Rachel Reeves said she will relax some of her changes to the UK’s tax regime for wealthy foreigners, known as “non-doms,” amid concerns the Labour government’s policies are pushing millionaires to leave the country.

Experts said the tax changes contributed to a growing exodus of millionaires from the UK - and the chancellor should find ways to attract them back to help the economy.

The chancellor, speaking to Sky News at Davos, says she does not think the UK would be a target for tariffs threatened by president Donald Trump.