I am not looking forward to Alistair Darling's first budget on Wednesday. I hope my
small car is not viewed as a gas guzzler and avoid attracting increased duty.
Apparently, the UK Chancellor needs more of our money and especially that of foreigners. This has stirred a real hornets nest. The City of London is basically
like Wimbledon. We hold the tournament but foreigners go and win it. Our domestic
institutions such as Kleinworts, Smiths and Warburgs sold out long ago.
I read today Anatole Kaletsky's column in the Times, which said that Gordon Brown decided to support the HMRC, which has long wanted to adjust the tax regime for
non-doms. This contrasts with the Treasury, which wanted to leave well alone.
Kaletsky is predicting some kind of climbdown on Wednesday.
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