In his first press interview (Financial Times 3 July 2007),
new chancellor Alistair Darling ruled out an immediate clampdown on tax
privileges used by non-UK domiciled individuals and by the private
equity industry, fearing that any sudden changes might have undesirable
effects on the "absolutely critical" role the City plays in the economy.
Darling
said he would be "vigilant" on "abuses" but he intends no crackdown on
private equity nor the non-domicile system that allows wealthy foreign
billionaires to live in the UK and avoid huge amounts of tax: "I am
very aware... that there are a number of people who are doing business
here, and are contributing to business here, and could go somewhere
else."