Finance — ICELANDIC BILLIONAIRE QUITS UK FOR ITALY OVER LABOUR'S NON-DOM TAX ABOLITION

Billionaire investor Thor Björgólfsson has moved his tax residency from the UK to Italy, citing the Labour government's decision to scrap the non-domiciled tax status. Björgólfsson, who warned of a potential "exodus" of entrepreneurs, also relocated his investment firm Novator from London to Zurich, resulting in 20 job losses. His departure follows that of other high-net-worth individuals, including Goldman Sachs banker Richard Gnodde and Ineos finance chief John Reece.