The U.K. is to soften some planned changes to its controversial non-dom tax rule following concerns of a millionaire exodus, the Treasury has confirmed.

Plans to abolish non-dom status will be amended to allow a more generous phase out of tax benefits, Chancellor Rachel Reeves has announced. Reeves told an audience at the World Economic Forum in Davos that changes would be made to upcoming legislation to increase the generosity of a facility to help non-doms repatriate their funds to the UK.

“Rachel Reeves is thinking the right way but she’s in a difficult position,” said a senior UK bank executive in Davos . “Labour in the UK have made a lot of good decisions but it is very hard for them and the [bond market] challenges of last week reinforce that issue.”

There has been a lot of excitement over Rachel Reeves' comments to journalists at Davos about revisions to the non-dom rules.

Sainsbury’s today announced it will cut over 3,000 jobs, including 20% of senior managers — a headline we shared among colleagues in the newsroom simply with the comment: “oof.”“Oof” is right. It is a big blow to the thousands of people set to lose their jobs,

The UK’s competition watchdog is to investigate the mobile ecosystems of Apple and Google under new digital market rules that could see pro-competition interventions placed upon them.

Rachel Reeves has been accused of a “Davos deal for millionaires” after announcing she was watering down moves to make wealthy foreigners pay more tax. The chancellor said she had been “listening to the concerns” of “non-doms” living in the UK.

British Finance Minister Rachel Reeves will urge company bosses at the World Economic Forum meeting in Davos, Switzerland, to invest in the UK, emphasising its political and economic stability and pro-business government,

The Chancellor has not been asked to speak, with EU Commission President Ursula von der Leyen being preferred over her.

Chancellor of the Exchequer Rachel Reeves said she will relax some of her changes to the UK’s tax regime for wealthy foreigners, known as “non-doms,” amid concerns the Labour government’s policies are pushing millionaires to leave the country.

Experts said the tax changes contributed to a growing exodus of millionaires from the UK - and the chancellor should find ways to attract them back to help the economy.

The chancellor, speaking to Sky News at Davos, says she does not think the UK would be a target for tariffs threatened by president Donald Trump.