Leo Quinn, the outgoing Balfour Beatty CEO, called on Prime Minister Rachel Reeves to reverse her repeal of the UK’s non-tax situation, warning the move has stopped wealthy investors and limited funding for major infrastructure projects.
Quinn, who gradually stepped down after a decade leading the construction giant, said the decision to end the non-competitive regime in April had expelled “stunning” investments from Britain, especially billionaires and wealthy families, who could look at the project in the long run.
“London is the best city on the planet, and what we should do is attract all these billionaires and wealthy families,” Quinn said. “Maybe what we do on non-dom has gone too far…we want to lighten some of these rules.”
High-profile departures after policy changes include Goldman Sachs banker Richard Gnodde, co-owner of Aston Villa, Nassef Sawiris and Norwegian transport giant John Fredriksen.
Quinn believes the government should do more to encourage overseas businessmen to invest in UK infrastructure, warning that the UK has “missed” opportunities to secure patient capital.
His comments are in the data showing the lowest levels of FDI in the UK since 2008. Inbound projects in 2023 fell 12% to 1,375, despite efforts to attract overseas capital.
Balfour Beatty’s latest deal update report says half-year profits grew 18% to £132 million with faster government approvals for infrastructure projects. Current work includes a £833 million Teesside carbon capture program for retail sales and the Sizewell C nuclear power plant, where it will provide one-third of major civil engineering works.
A Treasury spokesman said the UK is attracting “record investments” and provides investors with “guidance and clarity on priorities for our major projects”.
