Finance Bill

I am grateful to the hon. Lady for that intervention; she has made a useful point. There might well be areas in which the rules on non-doms—or indeed, on the use of offshore companies—could be reformed and tightened. However, I would emphasise that, before embarking on any reform of the system, it is vital that we properly assess the impact of any change on our gross domestic product, on the City of London and on tax revenues. Carefully targeted reform of the non-dom rules—or indeed, the rules on the use of offshore companies—aimed at closing unfair loopholes is of course worth considering, and the Conservatives would be prepared to do that. It is vital, however, that any move to change those rules should not result in ill-advised or ill-thought-through legislation adopted in response to tabloid headlines. We must ensure that we approach this issue with caution, particularly given the importance of the City of London and its attractions for mobile foreign professionals. Reforms, if they are to go ahead, must be carefully thought through and conducted only after serious and proper analysis and extensive and effective consultation, to ensure that we get this issue right.