Jenrick to re-write ‘Britannia Card’ plan for wealthy investors
Reform UK are set to revise the terms of its ‘Britannia Card’ proposal, which was drafted as the party’s bid to lure wealthy foreign investors to the UK, Robert Jenrick has revealed.
Jenrick, who is Reform’s Treasury spokesman, hinted that party officials were working on a proposal that was “even better” than a policy announced by Zia Yusuf last year, months before Jenrick joined Reform.
Reform’s ‘Britannia Card’ scheme, which was unveiled as the party’s response to the Labour government’s crackdown on non-doms, proposed making wealthy migrants pay a one-time £250,000 fee and get tax exemptions on all foreign assets.
The policy – described as a “Robin Hood” measure to hand cash payments to 2.5m poorer workers – was criticised by tax experts. Tax Policy Associates’ Dan Neidle sparked an online spat with Yusuf after he said the policy’s cost would amount to £34bn between 2026 and 2030, and “deter higher earners” from arriving in the UK.
Jenrick told Centre for Policy Studies’ Margaret Thatcher conference that the party would add details to the scheme to attract both “bright young people” and wealthy investors.
He said that Yusuf had been “thinking through” ways to attract investors after the abolition of the non-dom regime last year before adding that the party would be “saying more” about the scheme later this year.
“We think we can do something even better,” Jenrick said.
“It’s not going to be called non-doms, but I want to have a regime that we could put in place on day one of a Reform government that welcomes back everyone who’s left the country, whether that’s bright young people who’ve gone to live abroad, young professionals or the world’s richest investors.”
Reform considers how to lure wealthy investors
The policy adjustment would reflect Jenrick’s impact on Reform UK’s economic agenda since he defected from the Conservative Party in January.
In recent months, Jenrick has said Reform would keep the Office for Budget Responsibility and maintain the independence of the Bank of England, commitments which have been viewed as moves to win the confidence of markets before any election.
The party has also confirmed that it would keep the triple lock pension, which ensures the state pension is raised by whatever is highest out of inflation or wage growth. The uprating mechanism has been labelled as “unsustainable” by top economists, yet critical to winning the support of older voters.