New index reveals Reeves’ Budget has downgraded the value of a British passport
UK slumps in ranking of world’s most desirable passports
- The UK's attractiveness for entrepreneurs and investment has significantly declined, falling 14 places to 35th in the latest annual Nomad Capitalist Passport Index.
- This represents the largest drop among G7 countries, with the UK now ranked below several European nations including Bulgaria, Greece, and Italy.
- The decline is primarily attributed to tax increases and the abolition of non-dom status, as outlined in Rachel Reeves' Budget.
- Khatia Gelbakhiani of Nomad Capitalist said that these policy choices, including higher taxes on employment, property, and the wealthy, have negatively impacted the UK's reputation.
- Concerns have also been raised that Brexit continues to damage Britain's competitiveness, as the only EU countries to rank lower are the Netherlands and Austria.