Digby Jones will be accused of making a gaffe today, for daring to speak out against the magpie tendency of the Chancellor. He should keep digging.
For Digby is right – if the government presses on with its greedier version of schemes to tax Non Doms more it will be bad for British jobs and British prosperity.
The British economy needs the organisational skills, the marketing flair and the investment backing from the overseas executives who have come here to run businesses. No-one can be sure at what point the tax and regulatory background becomes too stifling, but now is not a good time to test it to destruction.
The government has presided over two huge deficits – its own borrowing requirement, and the balance of payments deficit. Both need inflows of foreign capital to keep us going. That was why Gordon Brown took his begging bowl to China recently.
It’s not Digby in a hole, but the Chancellor. Digby is offering good advice – so keep digging Digby.