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Subject: Reality Check: Was I wrong about non-doms?
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Hello and welcome to Reality Check. Every Friday, I=E2=80=99ll go beneath t=
he headlines, using the numbers to test what we=E2=80=99re told and uncover=
what=E2=80=99s really going on.
Reality Checked this week:
Claim: Andy Burnham can raise care workers=E2=80=99 wages without raising =
taxes [https://spectator.com/article/can-burnham-raise-care-workers-wages-=
without-raising-taxes/] =E2=9C=96 Unlikely [https://spectator.com/articl=
e/can-burnham-raise-care-workers-wages-without-raising-taxes/] Claim: =
Interest rates won=E2=80=99t rise this year [https://spectator.com/article=
/the-bank-of-englands-rate-hold-is-good-news-for-john-healey/] =E2=9C=96 =
Unlikely [https://spectator.com/article/the-bank-of-englands-rate-hold-is-=
good-news-for-john-healey/] Plus: The unspoken truth about wildfires [=
https://spectator.com/article/the-unspoken-truth-about-wildfires/] Read [=
https://spectator.com/article/the-unspoken-truth-about-wildfires/]
Was I wrong about non-doms?
One of the first magazine cover pieces I wrote as economics editor was: =E2=
=80=98Go =E2=80=93 Why the Rich Are Fleeing Britain=E2=80=99 [https://spec=
tator.com/article/the-rich-are-fleeing-what-next/]. It claimed that changes=
to the non-dom regime, first enacted by the Tories and made more strident =
by Rachel Reeves, were leading to a wealth exodus from the country. Worryin=
gly for me, though, reading today=E2=80=99s Financial Times, it seems I may=
have been wrong.
The pink sheet reports [https://www.ft.com/content/655a05ff-ec45-492d-a70=
e-4f8ba8dc141f?syn-25a6b1a6=3D1]: =E2=80=98Data suggests fears of UK =E2=80=
=9Cnon-dom=E2=80=9D exodus overblown.=E2=80=99 Its story says that claims =E2=
=80=93 such as mine =E2=80=93 that tax changes meant non-domiciled taxpayer=
s were going to leave en masse were overdone. Data from HMRC shows that onl=
y 0.5 per cent of them have upped sticks and left. In raw numbers, that=E2=80=
=99s 400 fewer non-doms than the year before. When I saw the headline, I=E2=
=80=99ll admit, my stomach dropped.
But reading on, I was reminded of a crucial point I=E2=80=99d written in my=
story at the time. Some 15 paragraphs into the FT=E2=80=99s story, it admi=
ts: =E2=80=98The latest HMRC figures did not cover the tax year for 2025=E2=
=80=9326, the first in which the new rules applied.=E2=80=99 As I=E2=80=99d=
explained at the time, we won=E2=80=99t have tax-return statistics for the=
year the rules actually came into effect until well into 2027. Bizarrely, =
the FT story has taken evidence from the year before the rules actually sta=
rted as proof that my =E2=80=93 and others=E2=80=99 =E2=80=93 report was wr=
ong. As its own below-the-line comments explained: =E2=80=98The data releas=
ed doesn=E2=80=99t cover the key period in question?=E2=80=99 and =E2=80=98=
Nobody flees a tax that hasn=E2=80=99t started. You leave when it bites =E2=
=80=93 after April 2025, at a completed tax year, once the house sells and =
the school year ends. That data arrives in 2027.=E2=80=99
Don=E2=80=99t just take the FT readers=E2=80=99 views for it, though =E2=80=
=93 I still think the data backs me up. First, even in the year the paper=E2=
=80=99s story refers to, 400 non-doms left the country. But add in the 800 =
=E2=80=98deemed domiciles=E2=80=99 who fled and the exit number grows to a =
more worrying 1,200. Figures also released this week from the Adam Smith In=
stitute, relying on Office for National Statistics national accounts data, =
show the number of British millionaires has fallen to its lowest level in n=
early 20 years =E2=80=93 a decline of 7 per cent year on year. So yes, actu=
ally, the rich do seem to have taken off.
Look, if the numbers are not as bad as many people fear when we have the co=
rrect year=E2=80=99s data next April, I=E2=80=99ll be embarrassed. But I=E2=
=80=99ll also be quite relieved. Because the truth is that even the loss of=
one of our wealthiest taxpayers can leave a massive hole in HMRC=E2=80=99s=
balance sheet.
Zoom right in on the top 0.01 per cent of income taxpayers, for example =E2=
=80=93 about 4,000 people =E2=80=93 and they=E2=80=99re responsible for abo=
ut =C2=A34 million each. That=E2=80=99s 6 per cent of the total income tax =
take. If just one of them is included in next year=E2=80=99s data, it would=
require the earnings of 1,300 average taxpayers to replace them. When the =
uber-rich leave, it=E2=80=99s the rest of us who suffer. So, for all our sa=
kes if not mine, let=E2=80=99s hope this time next year the FT gets it righ=
t and I have to send out a big old mea culpa.
Also this week...
You=E2=80=99re all going to call me mad but I=E2=80=99m not sure I get the =
fuss about Gianni Infantino=E2=80=99s plans to flog Fifa=E2=80=99s trophy c=
abinet. Yes, they seem nakedly corrupt =E2=80=93 each Fifa member nation wi=
ll receive a total of $40 million if they back his deal to sell off stakes =
in major competitions. But the idea that this would be somehow selling off =
an otherwise uncommercialised beautiful game is ridiculous. Fifa raked in $=
15 billion from this summer=E2=80=99s World Cup, nearly double what it made=
in the four-year cycle around Qatar 2022. Football lost its innocence a lo=
ng time ago.
Lloyds and Barclay=E2=80=99s profits shot up this week. On our website, Mat=
thew Lynn warned [https://spectator.com/article/burnham-must-resist-the-u=
rge-to-tax-banking-profits/] that Andy Burnham must resist demands to impos=
e fresh levies on the banking sector in response. Matt also wrote [https:=
//spectator.com/article/the-sale-of-harvey-nichols-is-proof-of-londons-decl=
ine/] that the sale of Harvey Nichols, with only Next and Mike Ashley=E2=80=
=99s Frasers Group bidding on it, is proof of London=E2=80=99s decline. Els=
ewhere, Ross Clark argued [https://spectator.com/article/why-burnhams-lev=
elling-up-drive-is-sure-to-backfire/] that the Prime Minister=E2=80=99s =E2=
=80=98growth in every postcode=E2=80=99 plan =E2=80=93 letting mayors keep =
a share of income tax and business rates =E2=80=93 will end up punishing th=
e very places it is meant to help. In the magazine, Martin Vander Weyer of=
fered [https://spectator.com/article/how-to-be-a-truly-patriotic-millionai=
re/] Gary Lineker and other =E2=80=98patriotic millionaires=E2=80=99 a bett=
er plan than a wealth tax and Druin Burch suggested [https://spectator.co=
m/article/why-the-bus-2-price-cap-might-just-pay-off-for-burnham/] that Bur=
nham=E2=80=99s =C2=A32 bus fare cap might just pay off. Finally, I wrote [=
https://spectator.com/article/the-bank-of-englands-rate-hold-is-good-news-=
for-john-healey/] about the Bank of England=E2=80=99s decision to hold inte=
rest rates for the fifth time in a row yesterday, which is good news for Ch=
ancellor John Healey.
Coming up next week=E2=80=A6
On Friday, we get the latest public service productivity stats from the Off=
ice for National Statistics =E2=80=93 which I=E2=80=99m looking out for. Th=
ough that doesn=E2=80=99t include civil service output, I think one story t=
hat=E2=80=99s about to get more media scrutiny will be the civil service so=
cial media influencers. Such examples include this video [https://x.com/J=
AHeale/status/2082771868960936241] =E2=80=93 which my colleague James Heale=
described as the =E2=80=98Taxpayers=E2=80=99 Alliance dream=E2=80=99 =E2=80=
=93 showing a young mandarin tucking into an onion soup in Paris with the c=
aption: =E2=80=98Take this as your sign to quit your job and join the civil=
service because I'm sat in Paris at 3 p.m. on a random Tuesday with 41 day=
s of [paid time off].=E2=80=99 Oh dear.
And on this week=E2=80=99s show=E2=80=A6
Two episodes on two important topics for you this week. First: prisons. I w=
as joined by Pia Sinha, CEO of the Prison Reform Trust, to discuss the paus=
ed early release scheme and whether we should free the majority of female p=
risoners and use women=E2=80=99s jails to lock up violent men. In the next =
show, David Goodhart, author of the award-winning Care Dilemma, joined me t=
o discuss Andy Burnham=E2=80=99s plans for the care system and whether the =
social care =E2=80=98crisis=E2=80=99 is being exaggerated. Watch both, eith=
er or neither below.
Burnham & Badenoch clash on prisons =E2=80=93 could women be the solution t=
o the emergency release scheme? [https://www.youtube.com/watch?v=3DH3zbXd3=
NubM]
Michael Simmons
Watch now [https://www.youtube.com/watch?v=3DH3zbXd3NubM]
Social care reform: what the sector needs & what it doesn [https://www.you=
tube.com/watch?v=3Dv1veSeUCcNA] =E2=80=99 [https://www.youtube.com/watch?v=
=3Dv1veSeUCcNA] t =E2=80=93 with David Goodhart [https://www.youtube.com/w=
atch?v=3Dv1veSeUCcNA]
Michael Simmons
watch now [https://www.youtube.com/watch?v=3Dv1veSeUCcNA]
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Graph of the week
Explore the Spectator Club
We are joining forces with Boisdale to restore the charm and fun of Beaujol=
ais Nouveau Day to the UK=E2=80=99s vinous calendar, in partnership with th=
e legendary wine producer Pardon et Fils. Spectator business editor Martin =
Vander Weyer and Boisdale founder Ranald Macdonald will host a five-course =
lunch, during which you will enjoy three Beaujolais Nouveau 2026 wines, alo=
ng with four outstanding Pardon et Fils Cru Beaujolais.
learn more [https://club.spectator.co.uk/events/boisdale-the-spectator-bea=
ujolais-nouveau-lunch-2026]
=E2=80=98Can you create some wealth so I can tax it?=E2=80=99
=2E
Barometer
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n-top:0;margin-bottom:0;margin-right:0;margin-left:0;padding-top:0;padding-=
bottom:0;padding-right:0;padding-left:0;-webkit-text-size-adjust:100%;-ms-t=
ext-size-adjust:100%;" ><div style=3D"mso-hide:all;position:fixed;height:0;=
max-height:0;overflow:hidden;font-size:0;">The numbers behind the noise =
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4; ‌ ‌ ‌ ‌ ‌ ‌</div>
<table class=3D"gmail-fix" width=3D"100%" cellspacing=3D"0" cellpadding=3D=
"0" style=3D"background-color:#ffffff;background-image:none;background-repe=
at:repeat;background-position:top left;background-attachment:scroll;min-wid=
th:320px;" >
<tr>
<td class=3D"p-0" style=3D"padding-top:30px;padding-bottom:30px;padding-=
right:10px;padding-left:10px;mso-line-height-rule:exactly;" >
<table class=3D"w-100p" width=3D"710" align=3D"center" cellpadding=3D"=
0" cellspacing=3D"0" style=3D"max-width:710px;background-color:#fff;backgro=
und-image:none;background-repeat:repeat;background-position:top left;backgr=
ound-attachment:scroll;border-radius:5px;box-shadow:0 0 40px 0 #d1d1d1;marg=
in-top:0;margin-bottom:0;margin-right:auto;margin-left:auto;width:100% !imp=
ortant;" >
<tr>
<td style=3D"padding-top:0;padding-bottom:0;padding-right:0;padding-l=
eft:0;mso-line-height-rule:exactly;" >
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<td style=3D"line-height:0;mso-line-height-rule:exactly;" >
<div style=3D"font-style:normal;font-variant:normal;font-weight=
:normal;font-size:1px;font-family:courier;line-height:0;color:#fff;" >
=09
</div>
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<tr>
<td align=3D"center" style=3D"padding-top:0;padding-bottom:0;pad=
ding-right:0;padding-left:0;font-size:0;line-height:0;mso-line-height-rule:=
exactly;" > <span class=3D"wi-100p hm"><a href=3D"https://blend.spectator.c=
o.uk/t/j-l-yduubll-dujyitliiu-j/" style=3D"outline-style:none;color=
:#b30517;text-decoration:underline;" ><img src=3D"https=
=
://i1.cmail19.com=
/ei/j/81/8DF/B18/csimport/STA0726137658-001_Th=
eSpectator_InvTrustsban.085757.jpg" width=3D"710" label=3D"Responsive_Bann=
er Desktop" height=3D"130" style=3D"width:100% !important;font-style:normal=
;font-variant:normal;font-weight:normal;font-size:16px;font-family:Times Ne=
w Roman, Times, serif, EBGaramond;line-height:20px;color:#333;vertical-alig=
n:top;border-style:none;height:auto !important;" /></a></span> <span class=3D=
"image-m" style=3D"display:none;font-size:0;line-height:0;" ><a=20
href=3D"https://blend.spectator.co.uk/t/j-l-yduubll-dujyitliiu-t/" =
style=3D"outline-style:none;color:#b30517;text-decoration:underline;" ><img=
src=3D"https=
://i2.cmail19.com=
/ei/j/81/8DF/=
B18/csimport/STA0726137658-001_TheSpectator_InvTrustsban.085801.jpg" width=3D=
"500" label=3D"Responsive_Banner Mobile" height=3D"225" style=3D"width:0px=
;font-style:normal;font-variant:normal;font-weight:normal;font-size:0;font-=
family:Times New Roman, Times, serif, EBGaramond;line-height:0;color:#333;v=
ertical-align:top;border-style:none;" /></a></span> </td>
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<tr>
<td style=3D"padding-top:25px;padding-bottom:25px;padding-right:=
15px;padding-left:15px;border-bottom-width:1px;border-bottom-style:solid;bo=
rder-bottom-color:#ddd;mso-line-height-rule:exactly;" >
<table width=3D"610" align=3D"center" cellpadding=3D"0" cellsp=
acing=3D"0" style=3D"max-width:610px;width:100% !important;margin-top:0;mar=
gin-bottom:0;margin-right:auto;margin-left:auto;" >
<tr>
<td align=3D"center" style=3D"mso-line-height-rule:exactly;" =
>
<a href=3D"https://blend.spectator.co.uk/t/j-l-yduubll-=
dujyitliiu-i/" style=3D"outline-style:none;color:#b30517;text-decoration=
:underline;" ><img src=3D"https=
://i8.cmail19.com=
/ti/j/6F/C73/C65/223531/b59/r-check_spec_oct25_newsletter_500x240.png"=
width=3D"250" alt=3D"Reality Check" label=3D"Header_RealityCheck" sty=
le=3D"width:250px;font-style:normal;font-variant:normal;font-weight:bold;fo=
nt-size:16px;font-family:EBGaramond, Garamond, Times New Roman, Times, seri=
f;line-height:20px;color:#333;vertical-align:top;border-style:none;" /></a>
</td>
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<td height=3D"30" style=3D"mso-line-height-rule:exactly;" ></td>
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<table width=3D"100%" cellpadding=3D"0" cellspacing=3D"0">
<tr>
<td style=3D"padding-top:0;padding-bottom:30px;padding-right:15p=
x;padding-left:15px;mso-line-height-rule:exactly;" >
<table width=3D"610" align=3D"center" cellpadding=3D"0" cellsp=
acing=3D"0" style=3D"max-width:610px;width:100% !important;margin-top:0;mar=
gin-bottom:0;margin-right:auto;margin-left:auto;" >
<tr>
<td style=3D"font-style:normal;font-variant:normal;font-weigh=
t:normal;font-size:19.5px;font-family:EBGaramond, Garamond, Times New Roman=
, Times, serif;line-height:25px;color:#333;mso-line-height-rule:exactly;" >
<p style=3D"margin-top:0;margin-bottom:0;margin-right:0;marg=
in-left:0;" >
<em>Hello and welcome to Reality Check. Every Friday, I=E2=80=99ll go bene=
ath the headlines, using the numbers to test what we=E2=80=99re told and un=
cover what=E2=80=99s really going on.</em></p>
</td>
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</table>
</td>
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=09
<table width=3D"100%" cellpadding=3D"0" cellspacing=3D"0">
<tr>
<td style=3D"padding-top:0;padding-bottom:30px;padding-right:15p=
x;padding-left:15px;mso-line-height-rule:exactly;" >
<table width=3D"610" align=3D"center" cellpadding=3D"0" cellsp=
acing=3D"0" style=3D"max-width:610px;width:100% !important;margin-top:0;mar=
gin-bottom:0;margin-right:auto;margin-left:auto;" >
<tr>
<td style=3D"font-style:normal;font-variant:normal;font-weigh=
t:normal;font-size:19.5px;font-family:EBGaramond, Garamond, Times New Roman=
, Times, serif;line-height:25px;color:#333;mso-line-height-rule:exactly;" >
<table cellpadding=3D"0" cellspacing=3D"0" width=3D"100%">
<tbody>
<tr>
<td style=3D"padding-top:0;padding-bottom:10px;padding-right:0px;padding=
-left:0px;mso-line-height-rule:exactly;" >
<table align=3D"center" cellpadding=3D"0" cellspacing=3D"0" width=3D"6=
10" style=3D"max-width:610px;width:100% !important;margin-top:0;margin-bott=
om:0;margin-right:auto;margin-left:auto;border-collapse:collapse;border-bot=
tom-width:2px;border-bottom-style:solid;border-bottom-color:#b30517;border-=
top-width:2px;border-top-style:solid;border-top-color:#b30517;" >
<tbody>
<tr>
<td colspan=3D"2" style=3D"padding-top:10px;padding-bottom:8px;paddi=
ng-right:0;padding-left:0;font-style:normal;font-variant:normal;font-weight=
:normal;font-size:26px;font-family:EBGaramond, Garamond, 'Times New Roman',=
Times, serif;line-height:32px;color:#b30517;mso-line-height-rule:exactly;"=
>
<p style=3D"margin-top:0;margin-bottom:0;margin-right:0;margin-left=
:0;" >
Reality Checked this week:</p>
</td>
</tr>
<tr>
<td style=3D"padding-top:10px;padding-bottom:10px;padding-right:12px=
;padding-left:0;border-top-width:1px;border-top-style:solid;border-top-colo=
r:#ddd;font-style:normal;font-variant:normal;font-weight:normal;font-size:1=
9.5px;font-family:EBGaramond, Garamond, 'Times New Roman', Times, serif;lin=
e-height:25px;color:#333;mso-line-height-rule:exactly;" >
<a href=3D"https://blend.spectator.co.uk/t/j-l-yduubll-=
dujyitliiu-d/" style=3D"color:#333;text-decoration:none;outline-style:none;" ><=
strong style=3D"font-weight:700;" >Claim: </strong> Andy Burnham can r=
aise care workers=E2=80=99 wages without raising taxes</a></td>
<td align=3D"center" width=3D"130" style=3D"width:130px;padding-top=
:10px;padding-bottom:10px;padding-right:0;padding-left:0;border-top-width:1=
px;border-top-style:solid;border-top-color:#ddd;font-style:normal;font-vari=
ant:normal;font-weight:normal;font-size:12px;font-family:Lato, Arial, Helve=
tica, sans-serif;line-height:16px;color:#fff;text-transform:uppercase;lette=
r-spacing:0.5px;mso-line-height-rule:exactly;" >
<a href=3D"https://blend.spectator.co.uk/t/j-l-yduubll-=
dujyitliiu-h/" style=3D"color:#ffffff;text-decoration:none;outline-style:none;"=
><span style=3D"background-color:#d2091e;background-image:none;background-=
repeat:repeat;background-position:top left;background-attachment:scroll;bor=
der-radius:20px;padding-top:7px;padding-bottom:7px;padding-right:12px;paddi=
ng-left:12px;display:inline-block;color:#ffffff;text-decoration:none;white-=
space:nowrap;" >=E2=9C=96 Unlikely</span></a></td>
</tr>
<tr>
<td style=3D"padding-top:10px;padding-bottom:10px;padding-right:12px=
;padding-left:0;border-top-width:1px;border-top-style:solid;border-top-colo=
r:#ddd;font-style:normal;font-variant:normal;font-weight:normal;font-size:1=
9.5px;font-family:EBGaramond, Garamond, 'Times New Roman', Times, serif;lin=
e-height:25px;color:#333;mso-line-height-rule:exactly;" >
<a href=3D"https://blend.spectator.co.uk/t/j-l-yduubll-=
dujyitliiu-k/" style=3D"color:#333;text-decoration:none;outline-style:none;" ><=
strong style=3D"font-weight:700;" >Claim: </strong> Interest rates won=
=E2=80=99t rise this year</a></td>
<td align=3D"center" width=3D"130" style=3D"width:130px;padding-top=
:10px;padding-bottom:10px;padding-right:0;padding-left:0;border-top-width:1=
px;border-top-style:solid;border-top-color:#ddd;font-style:normal;font-vari=
ant:normal;font-weight:normal;font-size:12px;font-family:Lato, Arial, Helve=
tica, sans-serif;line-height:16px;color:#fff;text-transform:uppercase;lette=
r-spacing:0.5px;mso-line-height-rule:exactly;" >
<a href=3D"https://blend.spectator.co.uk/t/j-l-yduubll-=
dujyitliiu-u/" style=3D"color:#ffffff;text-decoration:none;outline-style:none;"=
><span style=3D"background-color:#d2091e;background-image:none;background-=
repeat:repeat;background-position:top left;background-attachment:scroll;bor=
der-radius:20px;padding-top:7px;padding-bottom:7px;padding-right:12px;paddi=
ng-left:12px;display:inline-block;color:#ffffff;text-decoration:none;white-=
space:nowrap;" >=E2=9C=96 Unlikely</span></a></td>
</tr>
<tr>
<td style=3D"padding-top:10px;padding-bottom:10px;padding-right:12px=
;padding-left:0;border-top-width:1px;border-top-style:solid;border-top-colo=
r:#ddd;font-style:normal;font-variant:normal;font-weight:normal;font-size:1=
9.5px;font-family:EBGaramond, Garamond, 'Times New Roman', Times, serif;lin=
e-height:25px;color:#333;mso-line-height-rule:exactly;" >
<a href=3D"https://blend.spectator.co.uk/t/j-l-yduubll-=
dujyitliiu-o/" style=3D"color:#333;text-decoration:none;outline-style:none;" ><=
strong style=3D"font-weight:700;" >Plus: </strong>The unspoken truth about =
wildfires</a></td>
<td align=3D"center" width=3D"130" style=3D"width:130px;padding-top=
:10px;padding-bottom:10px;padding-right:0;padding-left:0;border-top-width:1=
px;border-top-style:solid;border-top-color:#ddd;font-style:normal;font-vari=
ant:normal;font-weight:normal;font-size:12px;font-family:Lato, Arial, Helve=
tica, sans-serif;line-height:16px;color:#fff;text-transform:uppercase;lette=
r-spacing:0.5px;mso-line-height-rule:exactly;" >
<a href=3D"https://blend.spectator.co.uk/t/j-l-yduubll-=
dujyitliiu-b/" style=3D"color:#ffffff;text-decoration:none;outline-style:none;"=
><span style=3D"background-color:#d2091e;background-image:none;background-=
repeat:repeat;background-position:top left;background-attachment:scroll;bor=
der-radius:20px;padding-top:7px;padding-bottom:7px;padding-right:12px;paddi=
ng-left:12px;display:inline-block;color:#ffffff;text-decoration:none;white-=
space:nowrap;" >Read</span></a></td>
</tr>
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</td>
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</tbody>
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</td>
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</td>
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=09
<table width=3D"100%" cellpadding=3D"0" cellspacing=3D"0">
<tr>
<td style=3D"padding-top:0;padding-bottom:30px;padding-right:15p=
x;padding-left:15px;mso-line-height-rule:exactly;" >
<table width=3D"610" align=3D"center" cellpadding=3D"0" cellsp=
acing=3D"0" style=3D"max-width:610px;width:100% !important;margin-top:0;mar=
gin-bottom:0;margin-right:auto;margin-left:auto;" >
<tr>
<td style=3D"font-style:normal;font-variant:normal;font-weigh=
t:normal;font-size:19.5px;font-family:EBGaramond, Garamond, Times New Roman=
, Times, serif;line-height:25px;color:#333;mso-line-height-rule:exactly;" >
<p style=3D"margin-top:0;margin-bottom:0;margin-right:0;marg=
in-left:0;" >
<strong style=3D"font-weight:700;" >Was I wrong about non-doms?</strong></=
p>
<p style=3D"margin-top:0;margin-bottom:0;margin-right:0;margin-left:0;" >
</p>
<p style=3D"margin-top:0;margin-bottom:0;margin-right:0;margin-left:0;" >
One of the first magazine cover pieces I wrote as economics editor was: <a=
href=3D"https://blend.spectator.co.uk/t/j-l-yduubll-dujyitliiu-p/"=
style=3D"outline-style:none;color:#b30517;text-decoration:underline;" >=E2=
=80=98Go =E2=80=93 Why the Rich Are Fleeing Britain=E2=80=99</a>. It claime=
d that changes to the non-dom regime, first enacted by the Tories and made =
more strident by Rachel Reeves, were leading to a wealth exodus from the co=
untry. Worryingly for me, though, reading today=E2=80=99s <em>Financial Tim=
es</em>, it seems I may have been wrong.<br />
<br />
The pink sheet <a href=3D"https://blend.spectator.co.uk/t/j-l-yduubll-=
dujyitliiu-x/" style=3D"outline-style:none;color:#b30517;text-decoratio=
n:underline;" >reports</a>: =E2=80=98Data suggests fears of UK =E2=80=9Cnon=
-dom=E2=80=9D exodus overblown.=E2=80=99 Its story says that claims =E2=80=93=
such as mine =E2=80=93 that tax changes meant non-domiciled taxpayers were=
going to leave en masse were overdone. Data from HMRC shows that only 0.5 =
per cent of them have upped sticks and left. In raw numbers, that=E2=80=99s=
400 fewer non-doms than the year before. When I saw the headline, I=E2=80=99=
ll admit, my stomach dropped.<br />
<br />
But reading on, I was reminded of a crucial point I=E2=80=99d written in m=
y story at the time. Some 15 paragraphs into the <em>FT</em>=E2=80=99s stor=
y, it admits: =E2=80=98The latest HMRC figures did not cover the tax year f=
or 2025=E2=80=9326, the first in which the new rules applied.=E2=80=99 As I=
=E2=80=99d explained at the time, we won=E2=80=99t have tax-return statisti=
cs for the year the rules actually came into effect until well into 2027. B=
izarrely, the <em>FT</em> story has taken evidence from the year before the=
rules actually started as proof that my =E2=80=93 and others=E2=80=99 =E2=80=
=93 report was wrong. As its own below-the-line comments explained: =E2=80=98=
The data released doesn=E2=80=99t cover the key period in question?=E2=80=99=
and =E2=80=98Nobody flees a tax that hasn=E2=80=99t started. You leave whe=
n it bites =E2=80=93 after April 2025, at a completed tax year, once the ho=
use sells and the school year ends. That data arrives in 2027.=E2=80=99<br =
/>
<br />
Don=E2=80=99t just take the <em>FT</em> readers=E2=80=99 views for it, tho=
ugh =E2=80=93 I still think the data backs me up. First, even in the year t=
he paper=E2=80=99s story refers to, 400 non-doms left the country. But add =
in the 800 =E2=80=98deemed domiciles=E2=80=99 who fled and the exit number =
grows to a more worrying 1,200. Figures also released this week from the Ad=
am Smith Institute, relying on Office for National Statistics national acco=
unts data, show the number of British millionaires has fallen to its lowest=
level in nearly 20 years =E2=80=93 a decline of 7 per cent year on year. S=
o yes, actually, the rich do seem to have taken off.<br />
<br />
Look, if the numbers are not as bad as many people fear when we have the c=
orrect year=E2=80=99s data next April, I=E2=80=99ll be embarrassed. But I=E2=
=80=99ll also be quite relieved. Because the truth is that even the loss of=
<em>one</em> of our wealthiest taxpayers can leave a massive hole in HMRC=E2=
=80=99s balance sheet.<br />
<br />
Zoom right in on the top 0.01 per cent of income taxpayers, for example =E2=
=80=93 about 4,000 people =E2=80=93 and they=E2=80=99re responsible for abo=
ut =C2=A34 million each. That=E2=80=99s 6 per cent of the total income tax =
take. If just one of them is included in next year=E2=80=99s data, it would=
require the earnings of 1,300 average taxpayers to replace them. When the =
uber-rich leave, it=E2=80=99s the rest of us who suffer. So, for all our sa=
kes if not mine, let=E2=80=99s hope this time next year the <em>FT</em> get=
s it right and I have to send out a big old mea culpa.</p>
</td>
</tr>
</table>
</td>
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=09
<table width=3D"100%" cellpadding=3D"0" cellspacing=3D"0">
<tr>
<td style=3D"padding-top:0;padding-bottom:20px;padding-right:15p=
x;padding-left:15px;mso-line-height-rule:exactly;" >
<table width=3D"610" align=3D"center" cellpadding=3D"0" cellsp=
acing=3D"0" style=3D"max-width:610px;width:100% !important;margin-top:0;mar=
gin-bottom:0;margin-right:auto;margin-left:auto;" >
<tr>
<td style=3D"padding-top:0;padding-bottom:0;padding-right:0;p=
adding-left:0;font-style:normal;font-variant:normal;font-weight:normal;font=
-size:26px;font-family:EBGaramond, Garamond, Times New Roman, Times, serif;=
line-height:36px;color:#b30517;mso-line-height-rule:exactly;" >
<p style=3D"margin-top:0;margin-bottom:0;margin-right:0;marg=
in-left:0;" >
Also this week...</p>
</td>
</tr>
</table>
</td>
</tr>
</table>
=09
<table width=3D"100%" cellpadding=3D"0" cellspacing=3D"0">
<tr>
<td style=3D"padding-top:0;padding-bottom:30px;padding-right:15p=
x;padding-left:15px;mso-line-height-rule:exactly;" >
<table width=3D"610" align=3D"center" cellpadding=3D"0" cellsp=
acing=3D"0" style=3D"max-width:610px;width:100% !important;margin-top:0;mar=
gin-bottom:0;margin-right:auto;margin-left:auto;" >
<tr>
<td style=3D"font-style:normal;font-variant:normal;font-weigh=
t:normal;font-size:19.5px;font-family:EBGaramond, Garamond, Times New Roman=
, Times, serif;line-height:25px;color:#333;mso-line-height-rule:exactly;" >
<p style=3D"margin-top:0;margin-bottom:0;margin-right:0;marg=
in-left:0;" >
You=E2=80=99re all going to call me mad but I=E2=80=99m not sure I get the=
fuss about Gianni Infantino=E2=80=99s plans to flog Fifa=E2=80=99s trophy =
cabinet. Yes, they seem nakedly corrupt =E2=80=93 each Fifa member nation w=
ill receive a total of $40 million if they back his deal to sell off stakes=
in major competitions. But the idea that this would be somehow selling off=
an otherwise uncommercialised beautiful game is ridiculous. Fifa raked in =
$15 billion from this summer=E2=80=99s World Cup, nearly double what it mad=
e in the four-year cycle around Qatar 2022. Football lost its innocence a l=
ong time ago.<br />
<br />
Lloyds and Barclay=E2=80=99s profits shot up this week. On our website, Ma=
tthew Lynn <a href=3D"https://blend.spectator.co.uk/t/j-l-yduubll-=
dujyitliiu-m/" style=3D"outline-style:none;color:#b30517;text-decoration:und=
erline;" >warned</a> that Andy Burnham must resist demands to impose fresh =
levies on the banking sector in response. Matt also <a href=3D"https://blen=
d.spectator.co.uk/t/j-l-yduubll-dujyitliiu-c/" style=3D"outline-sty=
le:none;color:#b30517;text-decoration:underline;" >wrote</a> that the sale =
of Harvey Nichols, with only Next and Mike Ashley=E2=80=99s Frasers Group b=
idding on it, is proof of London=E2=80=99s decline. Elsewhere, Ross Clark <=
a href=3D"https://blend.spectator.co.uk/t/j-l-yduubll-dujyitliiu-q/=
" style=3D"outline-style:none;color:#b30517;text-decoration:underline;" >ar=
gued</a> that the Prime Minister=E2=80=99s =E2=80=98growth in every postcod=
e=E2=80=99 plan =E2=80=93=20
letting mayors keep a share of income tax and business rates =E2=80=93 will=
end up punishing the very places it is meant to help. In the magazine, Mar=
tin Vander Weyer <a href=3D"https://blend.spectator.co.uk/t/j-l-yduubll-=
dujyitliiu-a/" style=3D"outline-style:none;color:#b30517;text-decorati=
on:underline;" >offered</a> Gary Lineker and other =E2=80=98patriotic milli=
onaires=E2=80=99 a better plan than a wealth tax and Druin Burch <a href=3D=
"https://blend.spectator.co.uk/t/j-l-yduubll-dujyitliiu-f/" style=3D=
"outline-style:none;color:#b30517;text-decoration:underline;" >suggested</a=
> that Burnham=E2=80=99s =C2=A32 bus fare cap might just pay off. Finally, =
I <a href=3D"https://blend.spectator.co.uk/t/j-l-yduubll-dujyitliiu=
-v/" style=3D"outline-style:none;color:#b30517;text-decoration:underline;" =
>wrote</a> about the Bank of England=E2=80=99s decision to hold interest ra=
tes for the fifth=20
time in a row yesterday, which is good news for Chancellor John Healey.</p>
</td>
</tr>
</table>
</td>
</tr>
</table>
=09
<table width=3D"100%" cellpadding=3D"0" cellspacing=3D"0">
<tr>
<td style=3D"padding-top:0;padding-bottom:20px;padding-right:15p=
x;padding-left:15px;mso-line-height-rule:exactly;" >
<table width=3D"610" align=3D"center" cellpadding=3D"0" cellsp=
acing=3D"0" style=3D"max-width:610px;width:100% !important;margin-top:0;mar=
gin-bottom:0;margin-right:auto;margin-left:auto;" >
<tr>
<td style=3D"padding-top:0;padding-bottom:0;padding-right:0;p=
adding-left:0;font-style:normal;font-variant:normal;font-weight:normal;font=
-size:26px;font-family:EBGaramond, Garamond, Times New Roman, Times, serif;=
line-height:36px;color:#b30517;mso-line-height-rule:exactly;" >
<p style=3D"margin-top:0;margin-bottom:0;margin-right:0;marg=
in-left:0;" >
Coming up next week=E2=80=A6</p>
</td>
</tr>
</table>
</td>
</tr>
</table>
=09
<table width=3D"100%" cellpadding=3D"0" cellspacing=3D"0">
<tr>
<td style=3D"padding-top:0;padding-bottom:30px;padding-right:15p=
x;padding-left:15px;mso-line-height-rule:exactly;" >
<table width=3D"610" align=3D"center" cellpadding=3D"0" cellsp=
acing=3D"0" style=3D"max-width:610px;width:100% !important;margin-top:0;mar=
gin-bottom:0;margin-right:auto;margin-left:auto;" >
<tr>
<td style=3D"font-style:normal;font-variant:normal;font-weigh=
t:normal;font-size:19.5px;font-family:EBGaramond, Garamond, Times New Roman=
, Times, serif;line-height:25px;color:#333;mso-line-height-rule:exactly;" >
<p style=3D"margin-top:0;margin-bottom:0;margin-right:0;marg=
in-left:0;" >
On Friday, we get the latest public service productivity stats from the Of=
fice for National Statistics =E2=80=93 which I=E2=80=99m looking out for. T=
hough that doesn=E2=80=99t include civil service output, I think one story =
that=E2=80=99s about to get more media scrutiny will be the civil service s=
ocial media influencers. Such examples include this <a href=3D"https://blen=
d.spectator.co.uk/t/j-l-yduubll-dujyitliiu-e/" style=3D"outline-sty=
le:none;color:#b30517;text-decoration:underline;" >video</a> =E2=80=93 whic=
h my colleague James Heale described as the =E2=80=98Taxpayers=E2=80=99 All=
iance dream=E2=80=99 =E2=80=93 showing a young mandarin tucking into an oni=
on soup in Paris with the caption: =E2=80=98Take this as your sign to quit =
your job and join the civil service because I'm sat in Paris at 3 p.m. on a=
random Tuesday with 41 days of [paid time off].=E2=80=99 Oh dear.</p>
</td>
</tr>
</table>
</td>
</tr>
</table>
=09
<table width=3D"100%" cellpadding=3D"0" cellspacing=3D"0">
<tr>
<td style=3D"padding-top:0;padding-bottom:20px;padding-right:15p=
x;padding-left:15px;mso-line-height-rule:exactly;" >
<table width=3D"610" align=3D"center" cellpadding=3D"0" cellsp=
acing=3D"0" style=3D"max-width:610px;width:100% !important;margin-top:0;mar=
gin-bottom:0;margin-right:auto;margin-left:auto;" >
<tr>
<td style=3D"padding-top:0;padding-bottom:0;padding-right:0;p=
adding-left:0;font-style:normal;font-variant:normal;font-weight:normal;font=
-size:26px;font-family:EBGaramond, Garamond, Times New Roman, Times, serif;=
line-height:36px;color:#b30517;mso-line-height-rule:exactly;" >
<p style=3D"margin-top:0;margin-bottom:0;margin-right:0;marg=
in-left:0;" >
And on this week=E2=80=99s show=E2=80=A6</p>
</td>
</tr>
</table>
</td>
</tr>
</table>
=09
<table width=3D"100%" cellpadding=3D"0" cellspacing=3D"0">
<tr>
<td style=3D"padding-top:0;padding-bottom:30px;padding-right:15p=
x;padding-left:15px;mso-line-height-rule:exactly;" >
<table width=3D"610" align=3D"center" cellpadding=3D"0" cellsp=
acing=3D"0" style=3D"max-width:610px;width:100% !important;margin-top:0;mar=
gin-bottom:0;margin-right:auto;margin-left:auto;" >
<tr>
<td style=3D"font-style:normal;font-variant:normal;font-weigh=
t:normal;font-size:19.5px;font-family:EBGaramond, Garamond, Times New Roman=
, Times, serif;line-height:25px;color:#333;mso-line-height-rule:exactly;" >
<p style=3D"margin-top:0;margin-bottom:0;margin-right:0;marg=
in-left:0;" >
Two episodes on two important topics for you this week. First: prisons. I =
was joined by Pia Sinha, CEO of the Prison Reform Trust, to discuss the pau=
sed early release scheme and whether we should free the majority of female =
prisoners and use women=E2=80=99s jails to lock up violent men. In the next=
show, David Goodhart, author of the award-winning <em>Care Dilemma</em>, j=
oined me to discuss Andy Burnham=E2=80=99s plans for the care system and wh=
ether the social care =E2=80=98crisis=E2=80=99 is being exaggerated. Watch =
both, either or neither below.</p>
</td>
</tr>
</table>
</td>
</tr>
</table>
=09
<table width=3D"100%" cellpadding=3D"0" cellspacing=3D"0">
<tr>
<td style=3D"padding-top:0;padding-bottom:30px;padding-right:15p=
x;padding-left:15px;mso-line-height-rule:exactly;" >
<table width=3D"610" align=3D"center" cellpadding=3D"0" cellsp=
acing=3D"0" style=3D"max-width:610px;width:100% !important;margin-top:0;mar=
gin-bottom:0;margin-right:auto;margin-left:auto;" >
<tr class=3D"thold">
<th class=3D"trow" width=3D"100" align=3D"left" style=3D"padd=
ing-top:0;padding-bottom:0;padding-right:0;padding-left:0;" >
<table width=3D"50" align=3D"center" cellpadding=3D"0" cell=
spacing=3D"0" style=3D"margin-top:0;margin-bottom:0;margin-right:auto;margi=
n-left:auto;" >
<tr>
<td align=3D"center" style=3D"mso-line-height-rule:exactly=
;" >
<a href=3D"https://blend.spectator.co.uk/t/j-l-yduubll-=
dujyitliiu-s/" style=3D"outline-style:none;color:#b30517;text-decorat=
ion:underline;" ><img src=3D"https=
://i5.cmail19.com=
/ti/j/6F/C73/C65/223531/b59/ico-01b.png" width=3D"25" label=3D"Aud=
io_block" style=3D"vertical-align:top;border-style:none;" /></a>
</td>
</tr>
</table>
</th>
<th class=3D"hm" width=3D"10" style=3D"padding-top:0;padding-=
bottom:0;padding-right:0;padding-left:0;" ></th>
<th class=3D"thead" width=3D"234" align=3D"left" style=3D"ver=
tical-align:top;padding-top:0;padding-bottom:0;padding-right:0;padding-left=
:0;" >
<table class=3D"w-100p mb-20" align=3D"center" cellpadding=3D=
"0" cellspacing=3D"0" style=3D"margin-top:0;margin-bottom:0;margin-right:au=
to;margin-left:auto;width:100% !important;" >
<tr>
<td class=3D"wi-100p" align=3D"center" style=3D"border-rad=
ius:5px;overflow:hidden;mso-line-height-rule:exactly;" >
<a href=3D"https://blend.spectator.co.uk/t/j-l-yduubll-=
dujyitliiu-g/" style=3D"outline-style:none;color:#b30517;text-decorat=
ion:underline;" ><img src=3D"https=
://i3.cmail19.com=
/ei/j/81/8DF/B18/csimport/Vid1.090317.png" width=3D"234" alt=3D"Bu=
rnham & Badenoch clash on prisons – c=
ould women be the solution to the emergency =
;release scheme?" height=3D"131" style=3D"width:100% !important;vertica=
l-align:top;border-style:none;height:auto !important;" /></a>
</td>
</tr>
</table>
</th>
<th class=3D"hm" width=3D"20" style=3D"padding-top:0;padding-=
bottom:0;padding-right:0;padding-left:0;" ></th>
<th class=3D"tfoot" align=3D"left" style=3D"vertical-align:to=
p;padding-top:0;padding-bottom:0;padding-right:0;padding-left:0;" >
<table class=3D"w-100p" align=3D"center" cellpadding=3D"0" =
cellspacing=3D"0" style=3D"margin-top:0;margin-bottom:0;margin-right:auto;m=
argin-left:auto;width:100% !important;" >
<tr>
<td class=3D"h-a" height=3D"118" valign=3D"top" style=3D"m=
so-line-height-rule:exactly;" >
<table width=3D"100%" cellpadding=3D"0" cellspacing=3D"0"=
>
<tr>
<td class=3D"pt-10 ta-c" style=3D"padding-top:0;padding=
-bottom:20px;padding-right:0;padding-left:0;font-style:normal;font-variant:=
normal;font-weight:normal;font-size:19.5px;font-family:EBGaramond, Garamond=
, Times New Roman, Times, serif;line-height:25px;color:#333;mso-line-height=
-rule:exactly;" >
<p style=3D"margin-top:0;margin-bottom:10px;margin-rig=
ht:0;margin-left:0;" >
<a href=3D"https://blend.spectator.co.uk/t/j-l-yduubll-dujyitliiu-=
w/" style=3D"color:#b30517;text-decoration:underline;outline-style:none;" >=
Burnham & Badenoch clash on prisons =E2=80=93 could women be the soluti=
on to the emergency release scheme?</a></p>
<p style=3D"margin-top:0;margin-bottom:0;margin-right:0;margin-left:0;" >
<i>Michael Simmons</i></p>
</td>
</tr>
</table>
</td>
</tr>
<tr>
<td style=3D"mso-line-height-rule:exactly;" >
<table width=3D"200" align=3D"center" cellpadding=3D"0" =
cellspacing=3D"0" style=3D"margin-top:0;margin-bottom:0;margin-right:auto;m=
argin-left:auto;" >
<tr>
<td class=3D"active-t" align=3D"center" style=3D"backgr=
ound-color:#d2091e;background-image:none;background-repeat:repeat;backgroun=
d-position:top left;background-attachment:scroll;mso-padding-alt:11px;font-=
style:normal;font-variant:normal;font-weight:normal;font-size:12px;font-fam=
ily:Arial, Helvetica, sans-serif, Lato;line-height:16px;border-radius:20px;=
letter-spacing:1px;text-transform:uppercase;mso-line-height-rule:exactly;tr=
ansition:all 0.3s ease;" >
<p style=3D"margin-top:0;margin-bottom:0;margin-right:=
0;margin-left:0;" >
<a href=3D"https://blend.spectator.co.uk/t/j-l-yduubll-dujyitliiu-=
yd/" style=3D"color:#fff !important;text-decoration:none;display:block;padd=
ing-top:11px;padding-bottom:11px;padding-right:11px;padding-left:11px;outli=
ne-style:none;" >Watch now</a></p>
</td>
</tr>
</table>
</td>
</tr>
</table>
</th>
</tr>
</table>
</td>
</tr>
</table>
=09
<table width=3D"100%" cellpadding=3D"0" cellspacing=3D"0">
<tr>
<td style=3D"padding-top:0;padding-bottom:30px;padding-right:15p=
x;padding-left:15px;mso-line-height-rule:exactly;" >
<table width=3D"610" align=3D"center" cellpadding=3D"0" cellsp=
acing=3D"0" style=3D"max-width:610px;width:100% !important;margin-top:0;mar=
gin-bottom:0;margin-right:auto;margin-left:auto;" >
<tr class=3D"thold">
<th class=3D"trow" width=3D"100" align=3D"left" style=3D"padd=
ing-top:0;padding-bottom:0;padding-right:0;padding-left:0;" >
<table width=3D"50" align=3D"center" cellpadding=3D"0" cell=
spacing=3D"0" style=3D"margin-top:0;margin-bottom:0;margin-right:auto;margi=
n-left:auto;" >
<tr>
<td align=3D"center" style=3D"mso-line-height-rule:exactly=
;" >
<a href=3D"https://blend.spectator.co.uk/t/j-l-yduubll-=
dujyitliiu-yh/" style=3D"outline-style:none;color:#b30517;text-decora=
tion:underline;" ><img src=3D"https=
://i5.cmail19.com=
=
/ti/j/6F/C73/C65/223531/b59/ico-01b.png" width=3D"25" label=3D"Au=
dio_block" style=3D"vertical-align:top;border-style:none;" /></a>
</td>
</tr>
</table>
</th>
<th class=3D"hm" width=3D"10" style=3D"padding-top:0;padding-=
bottom:0;padding-right:0;padding-left:0;" ></th>
<th class=3D"thead" width=3D"234" align=3D"left" style=3D"ver=
tical-align:top;padding-top:0;padding-bottom:0;padding-right:0;padding-left=
:0;" >
<table class=3D"w-100p mb-20" align=3D"center" cellpadding=3D=
"0" cellspacing=3D"0" style=3D"margin-top:0;margin-bottom:0;margin-right:au=
to;margin-left:auto;width:100% !important;" >
<tr>
<td class=3D"wi-100p" align=3D"center" style=3D"border-rad=
ius:5px;overflow:hidden;mso-line-height-rule:exactly;" >
<a href=3D"https://blend.spectator.co.uk/t/j-l-yduubll-=
dujyitliiu-yk/" style=3D"outline-style:none;color:#b30517;text-decora=
tion:underline;" ><img src=3D"https=
://i4.cmail19.com=
=
/ei/j/81/8DF/B18/csimport/Vid2.090325.png" width=3D"234" alt=3D"S=
ocial care reform: what the sector needs &&=
#32;what it doesn't – with David Goodhart=
" height=3D"131" style=3D"width:100% !important;vertical-align:top;border-s=
tyle:none;height:auto !important;" /></a>
</td>
</tr>
</table>
</th>
<th class=3D"hm" width=3D"20" style=3D"padding-top:0;padding-=
bottom:0;padding-right:0;padding-left:0;" ></th>
<th class=3D"tfoot" align=3D"left" style=3D"vertical-align:to=
p;padding-top:0;padding-bottom:0;padding-right:0;padding-left:0;" >
<table class=3D"w-100p" align=3D"center" cellpadding=3D"0" =
cellspacing=3D"0" style=3D"margin-top:0;margin-bottom:0;margin-right:auto;m=
argin-left:auto;width:100% !important;" >
<tr>
<td class=3D"h-a" height=3D"118" valign=3D"top" style=3D"m=
so-line-height-rule:exactly;" >
<table width=3D"100%" cellpadding=3D"0" cellspacing=3D"0"=
>
<tr>
<td class=3D"pt-10 ta-c" style=3D"padding-top:0;padding=
-bottom:20px;padding-right:0;padding-left:0;font-style:normal;font-variant:=
normal;font-weight:normal;font-size:19.5px;font-family:EBGaramond, Garamond=
, Times New Roman, Times, serif;line-height:25px;color:#333;mso-line-height=
-rule:exactly;" >
<p style=3D"margin-top:0;margin-bottom:10px;margin-rig=
ht:0;margin-left:0;" >
<a href=3D"https://blend.spectator.co.uk/t/j-l-yduubll-dujyitliiu-=
yu/" style=3D"color:#b30517;text-decoration:underline;outline-style:none;" =
>Social care reform: what the sector needs & what it doesn</a><a href=3D=
"https://blend.spectator.co.uk/t/j-l-yduubll-dujyitliiu-jl/" style=3D=
"color:#b30517;text-decoration:underline;outline-style:none;" >=E2=80=99</a=
><a href=3D"https://blend.spectator.co.uk/t/j-l-yduubll-dujyitliiu-=
jr/" style=3D"color:#b30517;text-decoration:underline;outline-style:none;" =
>t =E2=80=93 with David Goodhart</a></p>
<p style=3D"margin-top:0;margin-bottom:0;margin-right:0;margin-left:0;" >
<i>Michael Simmons</i></p>
</td>
</tr>
</table>
</td>
</tr>
<tr>
<td style=3D"mso-line-height-rule:exactly;" >
<table width=3D"200" align=3D"center" cellpadding=3D"0" =
cellspacing=3D"0" style=3D"margin-top:0;margin-bottom:0;margin-right:auto;m=
argin-left:auto;" >
<tr>
<td class=3D"active-t" align=3D"center" style=3D"backgr=
ound-color:#d2091e;background-image:none;background-repeat:repeat;backgroun=
d-position:top left;background-attachment:scroll;mso-padding-alt:11px;font-=
style:normal;font-variant:normal;font-weight:normal;font-size:12px;font-fam=
ily:Arial, Helvetica, sans-serif, Lato;line-height:16px;border-radius:20px;=
letter-spacing:1px;text-transform:uppercase;mso-line-height-rule:exactly;tr=
ansition:all 0.3s ease;" >
<p style=3D"margin-top:0;margin-bottom:0;margin-right:=
0;margin-left:0;" >
<a href=3D"https://blend.spectator.co.uk/t/j-l-yduubll-dujyitliiu-=
jy/" style=3D"color:#fff !important;text-decoration:none;display:block;padd=
ing-top:11px;padding-bottom:11px;padding-right:11px;padding-left:11px;outli=
ne-style:none;" >watch now</a></p>
</td>
</tr>
</table>
</td>
</tr>
</table>
</th>
</tr>
</table>
</td>
</tr>
</table>
=09
<table width=3D"100%" cellpadding=3D"0" cellspacing=3D"0">
<tr>
<td style=3D"padding-top:0;padding-bottom:30px;padding-right:15p=
x;padding-left:15px;mso-line-height-rule:exactly;" >
<table width=3D"610" align=3D"center" cellpadding=3D"0" cellsp=
acing=3D"0" style=3D"max-width:610px;width:100% !important;margin-top:0;mar=
gin-bottom:0;margin-right:auto;margin-left:auto;" >
<tr>
<td style=3D"font-style:normal;font-variant:normal;font-weigh=
t:normal;font-size:19.5px;font-family:EBGaramond, Garamond, Times New Roman=
, Times, serif;line-height:25px;color:#333;mso-line-height-rule:exactly;" >
<table cellpadding=3D"0" cellspacing=3D"0" width=3D"100%">
<tbody>
<tr>
<td style=3D"padding-top:0;padding-bottom:0;padding-right=
:0;padding-left:0;mso-line-height-rule:exactly;" >
<table align=3D"center" cellpadding=3D"0" cellspacing=3D=
"0" width=3D"610" style=3D"max-width:610px;width:100%;margin-top:0;margin-=
bottom:0;margin-right:auto;margin-left:auto;border-width:1px;border-style:s=
olid;border-color:#ccc;border-radius:5px;background-color:#f8f8f8;" >
<tbody>
<tr>
<td style=3D"padding-top:20px;padding-bottom:20px;pad=
ding-right:20px;padding-left:20px;font-family:EBGaramond, Garamond, Times N=
ew Roman, Times, serif;font-size:19.5px;color:#333;line-height:25px;mso-lin=
e-height-rule:exactly;" >
<p style=3D"margin-top:0;margin-bottom:0;margin-righ=
t:0;margin-left:0;" >
A message from our sponsor, <em>Aberdeen IT.</em><br />
<br />
<strong style=3D"font-weight:700;" >Small wonders: the hidden gems among s=
maller companies</strong></p>
<p style=3D"margin-top:0;margin-bottom:0;margin-right:0;margin-left:0;" >
Discover how selective active management can uncover high-quality, underva=
lued UK smaller companies with strong long-term growth potential and divers=
ification benefits beyond popular themes such as AI. Capital at risk. <a hr=
ef=3D"https://blend.spectator.co.uk/t/j-l-yduubll-dujyitliiu-jj/" s=
tyle=3D"outline-style:none;color:#b30517;text-decoration:underline;" >Read =
more</a>.</p>
</td>
</tr>
</tbody>
</table>
</td>
</tr>
</tbody>
</table>
</td>
</tr>
</table>
</td>
</tr>
</table>
=09
<table width=3D"100%" cellpadding=3D"0" cellspacing=3D"0">
<tr>
<td style=3D"padding-top:0;padding-bottom:30px;padding-right:15p=
x;padding-left:15px;mso-line-height-rule:exactly;" >
<table width=3D"610" align=3D"center" cellpadding=3D"0" cellsp=
acing=3D"0" style=3D"max-width:610px;width:100% !important;margin-top:0;mar=
gin-bottom:0;margin-right:auto;margin-left:auto;" >
<tr>
<td height=3D"1" style=3D"color:#ddd;background-color:#ddd;ba=
ckground-image:none;background-repeat:repeat;background-position:top left;b=
ackground-attachment:scroll;font-size:1px;line-height:1px;mso-line-height-r=
ule:exactly;" >
<p style=3D"margin-top:0;margin-bottom:0;margin-right:0;marg=
in-left:0;" >
.</p>
</td>
</tr>
</table>
</td>
</tr>
</table>
=09
<table width=3D"100%" cellpadding=3D"0" cellspacing=3D"0">
<tr>
<td style=3D"padding-top:0;padding-bottom:20px;padding-right:15p=
x;padding-left:15px;mso-line-height-rule:exactly;" >
<table width=3D"610" align=3D"center" cellpadding=3D"0" cellsp=
acing=3D"0" style=3D"max-width:610px;width:100% !important;margin-top:0;mar=
gin-bottom:0;margin-right:auto;margin-left:auto;" >
<tr>
<td style=3D"padding-top:0;padding-bottom:0;padding-right:0;p=
adding-left:0;font-style:normal;font-variant:normal;font-weight:normal;font=
-size:26px;font-family:EBGaramond, Garamond, Times New Roman, Times, serif;=
line-height:36px;color:#b30517;mso-line-height-rule:exactly;" >
<p style=3D"margin-top:0;margin-bottom:0;margin-right:0;marg=
in-left:0;" >
Graph of the week</p>
</td>
</tr>
</table>
</td>
</tr>
</table>
=09
<table width=3D"100%" cellpadding=3D"0" cellspacing=3D"0">
<tr>
<td class=3D"pb-30" style=3D"padding-top:0;padding-bottom:40px;p=
adding-right:15px;padding-left:15px;mso-line-height-rule:exactly;" >
<table width=3D"610" align=3D"center" cellpadding=3D"0" cellsp=
acing=3D"0" style=3D"max-width:610px;width:100% !important;margin-top:0;mar=
gin-bottom:0;margin-right:auto;margin-left:auto;" >
<tr>
<td class=3D"wi-100p" align=3D"center" style=3D"padding-top:0=
;padding-bottom:20px;padding-right:0;padding-left:0;mso-line-height-rule:ex=
actly;" >
<img src=3D"https=
://i5.cmail19.com=
/ei/j/81/8DF/B18/csimport/E3I8R-britain-s-millionaires-at-two-decade-=
=2E081633.png" width=3D"610" label=3D"JustFullWidthImage" height=3D"761" sty=
le=3D"width:100% !important;vertical-align:top;height:auto !important;" />
</td>
</tr>
</table>
</td>
</tr>
</table>
=09
<table width=3D"100%" cellpadding=3D"0" cellspacing=3D"0">
<tr>
<td style=3D"padding-top:30px;padding-bottom:30px;padding-right:=
15px;padding-left:15px;border-bottom-width:1px;border-bottom-style:solid;bo=
rder-bottom-color:#C0C0C0;border-top-width:1px;border-top-style:solid;borde=
r-top-color:#C0C0C0;background-color:#F8F8F8;background-image:none;backgrou=
nd-repeat:repeat;background-position:top left;background-attachment:scroll;=
mso-line-height-rule:exactly;" >
<table width=3D"610" align=3D"center" cellpadding=3D"0" cellsp=
acing=3D"0" style=3D"max-width:610px;width:100% !important;margin-top:0;mar=
gin-bottom:0;margin-right:auto;margin-left:auto;" >
<tr class=3D"thold">
<th class=3D"thead" width=3D"290" align=3D"left" style=3D"ver=
tical-align:center;padding-top:0;padding-bottom:0;padding-right:0;padding-l=
eft:0;" >
<table class=3D"w-100p" align=3D"center" cellpadding=3D"0" =
cellspacing=3D"0" style=3D"margin-top:0;margin-bottom:0;margin-right:15px;m=
argin-left:0;padding-top:0;padding-bottom:0;padding-right:15px;padding-left=
:0;width:100% !important;" >
<tr>
<td class=3D"wi-100p" align=3D"center" style=3D"border-rad=
ius:5px;overflow:hidden;mso-line-height-rule:exactly;" >
<a href=3D"https://blend.spectator.co.uk/t/j-l-yduubll-=
dujyitliiu-jt/" style=3D"outline-style:none;color:#b30517;text-decora=
tion:underline;" ><img src=3D"https=
://i6.cmail19.com=
=
/ei/j/81/8DF/B18/csimport/BeaujolaisNouveau.095607.png" width=3D"2=
75" label=3D"HouseAd_Events" height=3D"275" style=3D"width:100% !important=
;vertical-align:top;border-style:none;height:auto !important;" /></a>
</td>
</tr>
</table>
</th>
<th class=3D"tfoot" align=3D"center" style=3D"vertical-align:=
top;padding-top:0;padding-bottom:0;padding-right:0;padding-left:0;" >
<table align=3D"center" cellpadding=3D"0" cellspacing=3D"0"=
style=3D"margin-top:0;margin-bottom:0;margin-right:auto;margin-left:auto;"=
>
<tr>
<td class=3D"h-a" height=3D"118" valign=3D"top" style=3D"m=
so-line-height-rule:exactly;" >
<table width=3D"100%" cellpadding=3D"0" cellspacing=3D"0"=
>
<tr>
<td class=3D"pt-10 ta-c" align=3D"center" style=3D"padd=
ing-top:0;padding-bottom:20px;padding-right:0;padding-left:0;font-style:nor=
mal;font-variant:normal;font-weight:normal;font-size:20px;font-family:EBGar=
amond, Garamond, Times New Roman, Times, serif;line-height:25px;color:#333;=
mso-line-height-rule:exactly;" >
<p style=3D"margin-top:0;margin-bottom:15px;margin-rig=
ht:0;margin-left:0;" >
<span style=3D"font-style:normal;font-variant:normal;font-size-adjust:none=
;font-language-override:normal;font-kerning:auto;font-optical-sizing:auto;f=
ont-feature-settings:normal;font-variation-settings:normal;font-stretch:nor=
mal;font-size:26px;line-height:36px;font-family:EBGaramond, Garamond, "=
;color:rgb(51, 51, 51);" ><b style=3D"font-weight:700;" >Explore the <em>Sp=
ectator</em> Club</b></span></p>
<p style=3D"margin-top:0;margin-bottom:1px;margin-right:0;margin-left:0;" >
We are joining forces with Boisdale to restore the charm and fun of Beaujo=
lais Nouveau Day to the UK=E2=80=99s vinous calendar, in partnership with t=
he legendary wine producer Pardon et Fils. <em>Spectator</em> business edit=
or Martin Vander Weyer and Boisdale founder Ranald Macdonald will host a fi=
ve-course lunch, during which you will enjoy three Beaujolais Nouveau 2026 =
wines, along with four outstanding Pardon et Fils Cru Beaujolais.</p>
</td>
</tr>
</table>
</td>
</tr>
<tr>
<td style=3D"mso-line-height-rule:exactly;" >
<table width=3D"200" align=3D"center" cellpadding=3D"0" =
cellspacing=3D"0" style=3D"margin-top:0;margin-bottom:0;margin-right:auto;m=
argin-left:auto;" >
<tr>
<td class=3D"active-t" align=3D"center" style=3D"backgr=
ound-color:#d2091e;background-image:none;background-repeat:repeat;backgroun=
d-position:top left;background-attachment:scroll;mso-padding-alt:11px;font-=
style:normal;font-variant:normal;font-weight:normal;font-size:12px;font-fam=
ily:Arial, Helvetica, sans-serif, Lato;line-height:16px;border-radius:20px;=
letter-spacing:1px;text-transform:uppercase;mso-line-height-rule:exactly;tr=
ansition:all 0.3s ease;" >
<p style=3D"margin-top:0;margin-bottom:0;margin-right:=
0;margin-left:0;" >
<a href=3D"https://blend.spectator.co.uk/t/j-l-yduubll-dujyitliiu-=
ji/" style=3D"color:#fff !important;text-decoration:none;display:block;padd=
ing-top:11px;padding-bottom:11px;padding-right:11px;padding-left:11px;outli=
ne-style:none;" >learn more</a></p>
</td>
</tr>
</table>
</td>
</tr>
</table>
</th>
</tr>
</table>
</td>
</tr>
</table>
=09
<table width=3D"100%" cellpadding=3D"0" cellspacing=3D"0">
<tr>
<td height=3D"30" style=3D"font-size:0;line-height:0;mso-line-he=
ight-rule:exactly;" >
<p style=3D"margin-top:0;margin-bottom:0;margin-right:0;margin-=
left:0;" > </p>
</td>
</tr>
</table>
=09
<table width=3D"100%" cellpadding=3D"0" cellspacing=3D"0">
<tr>
<td style=3D"padding-top:0;padding-bottom:30px;padding-right:15p=
x;padding-left:15px;mso-line-height-rule:exactly;" >
<table width=3D"610" align=3D"center" cellpadding=3D"0" cellsp=
acing=3D"0" style=3D"max-width:610px;width:100% !important;margin-top:0;mar=
gin-bottom:0;margin-right:auto;margin-left:auto;" >
<tr>
<td class=3D"wi-100p" align=3D"center" style=3D"padding-top:0=
;padding-bottom:10px;padding-right:0;padding-left:0;mso-line-height-rule:ex=
actly;" >
<img src=3D"https=
://i7.cmail19.com=
/ei/j/81/8DF/B18/csimport/Screenshot2026-07-31at09.07.35.090751.png" =
width=3D"350" alt=3D"‘Can you create some wealth =
;so I can tax it?’" label=3D"Cartoon_caption_and_butt=
on" height=3D"307" style=3D"width:100% !important;max-width:350px;vertical-=
align:top;height:auto !important;" />
</td>
</tr>
<tr>
<td align=3D"center" style=3D"padding-top:0;padding-bottom:30=
px;padding-right:0;padding-left:0;font-style:italic;font-variant:normal;fon=
t-weight:normal;font-size:18px;font-family:EBGaramond, Garamond, Times New =
Roman, Times, serif;line-height:22px;color:#333;mso-line-height-rule:exactl=
y;" >
<p style=3D"margin-top:0;margin-bottom:0;margin-right:0;marg=
in-left:0;" >
=E2=80=98Can you create some wealth so I can tax it?=E2=80=99</p>
</td>
</tr>
<tr>
<td style=3D"mso-line-height-rule:exactly;" >
<table width=3D"200" align=3D"center" cellpadding=3D"0" cel=
lspacing=3D"0" style=3D"margin-top:0;margin-bottom:0;margin-right:auto;marg=
in-left:auto;" >
<tr>
<td class=3D"active-t" align=3D"center" style=3D"backgroun=
d-color:#d2091e;background-image:none;background-repeat:repeat;background-p=
osition:top left;background-attachment:scroll;mso-padding-alt:11px;font-sty=
le:normal;font-variant:normal;font-weight:normal;font-size:12px;font-family=
:Arial, Helvetica, sans-serif, Lato;line-height:16px;border-radius:20px;let=
ter-spacing:1px;text-transform:uppercase;mso-line-height-rule:exactly;trans=
ition:all 0.3s ease;" >
=09
</td>
</tr>
</table>
</td>
</tr>
</table>
</td>
</tr>
</table>
=09
<table width=3D"100%" cellpadding=3D"0" cellspacing=3D"0">
<tr>
<td style=3D"padding-top:0;padding-bottom:30px;padding-right:15p=
x;padding-left:15px;mso-line-height-rule:exactly;" >
<table width=3D"610" align=3D"center" cellpadding=3D"0" cellsp=
acing=3D"0" style=3D"max-width:610px;width:100% !important;margin-top:0;mar=
gin-bottom:0;margin-right:auto;margin-left:auto;" >
<tr>
<td height=3D"1" style=3D"color:#ddd;background-color:#ddd;ba=
ckground-image:none;background-repeat:repeat;background-position:top left;b=
ackground-attachment:scroll;font-size:1px;line-height:1px;mso-line-height-r=
ule:exactly;" >
<p style=3D"margin-top:0;margin-bottom:0;margin-right:0;marg=
in-left:0;" >
.</p>
</td>
</tr>
</table>
</td>
</tr>
</table>
=09
<table width=3D"100%" cellpadding=3D"0" cellspacing=3D"0">
<tr>
<td style=3D"padding-top:0;padding-bottom:20px;padding-right:15p=
x;padding-left:15px;mso-line-height-rule:exactly;" >
<table width=3D"610" align=3D"center" cellpadding=3D"0" cellsp=
acing=3D"0" style=3D"max-width:610px;width:100% !important;margin-top:0;mar=
gin-bottom:0;margin-right:auto;margin-left:auto;" >
<tr>
<td style=3D"padding-top:0;padding-bottom:0;padding-right:0;p=
adding-left:0;font-style:normal;font-variant:normal;font-weight:normal;font=
-size:26px;font-family:EBGaramond, Garamond, Times New Roman, Times, serif;=
line-height:36px;color:#b30517;mso-line-height-rule:exactly;" >
<p style=3D"margin-top:0;margin-bottom:0;margin-right:0;marg=
in-left:0;" >
Barometer</p>
</td>
</tr>
</table>
</td>
</tr>
</table>
=09
<table width=3D"100%" cellpadding=3D"0" cellspacing=3D"0">
<tr>
<td style=3D"padding-top:0;padding-bottom:30px;padding-right:15p=
x;padding-left:15px;mso-line-height-rule:exactly;" >
<table width=3D"610" align=3D"center" cellpadding=3D"0" cellsp=
acing=3D"0" style=3D"max-width:610px;width:100% !important;margin-top:0;mar=
gin-bottom:0;margin-right:auto;margin-left:auto;" >
<tr>
<td style=3D"font-style:normal;font-variant:normal;font-weigh=
t:normal;font-size:19.5px;font-family:EBGaramond, Garamond, Times New Roman=
, Times, serif;line-height:25px;color:#333;mso-line-height-rule:exactly;" >
<table cellpadding=3D"0" cellspacing=3D"0" width=3D"100%">
<tbody>
<tr>
<th align=3D"left" class=3D"tflex" width=3D"190" style=3D"vertical-alig=
n:top;padding-top:0;padding-bottom:0;padding-right:0;padding-left:0;" >
<table cellpadding=3D"0" cellspacing=3D"0" width=3D"100%">
<tbody>
<tr>
<td style=3D"padding-top:0;padding-bottom:10px;padding-right:0;paddi=
ng-left:0;font-style:normal;font-variant:normal;font-weight:normal;font-siz=
e:22px;font-family:EBGaramond, Garamond, Times New Roman, Times, serif;line=
-height:30px;color:#333;mso-line-height-rule:exactly;" >
<p style=3D"margin-top:0;margin-bottom:0;margin-right:0;margin-left=
:0;" >
FTSE 100 (Thursday=E2=80=99s closing price)</p>
</td>
</tr>
<tr>
<td style=3D"padding-top:0;padding-bottom:15px;padding-right:0;paddi=
ng-left:0;font-style:normal;font-variant:normal;font-weight:normal;font-siz=
e:32px;font-family:EBGaramond, Garamond, Times New Roman, Times, serif;line=
-height:36px;color:#333;mso-line-height-rule:exactly;" >
<p style=3D"margin-top:0;margin-bottom:0;margin-right:0;margin-left=
:0;" >
10,897</p>
</td>
</tr>
<tr>
<td style=3D"font-style:normal;font-variant:normal;font-weight:norma=
l;font-size:19.5px;font-family:EBGaramond, Garamond, Times New Roman, Times=
, serif;line-height:25px;color:#333;mso-line-height-rule:exactly;" >
<p style=3D"margin-top:0;margin-bottom:0;margin-right:0;margin-left=
:0;" >
up 2.4% on a week ago</p>
</td>
</tr>
</tbody>
</table>
</th>
<th class=3D"tflex" height=3D"20" width=3D"20" style=3D"padding-top:0;p=
adding-bottom:0;padding-right:0;padding-left:0;" >
</th>
<th align=3D"left" class=3D"tflex" width=3D"190" style=3D"vertical-alig=
n:top;padding-top:0;padding-bottom:0;padding-right:0;padding-left:0;" >
<table cellpadding=3D"0" cellspacing=3D"0" width=3D"100%">
<tbody>
<tr>
<td style=3D"padding-top:0;padding-bottom:10px;padding-right:0;paddi=
ng-left:0;font-style:normal;font-variant:normal;font-weight:normal;font-siz=
e:22px;font-family:EBGaramond, Garamond, Times New Roman, Times, serif;line=
-height:30px;color:#333;mso-line-height-rule:exactly;" >
<p style=3D"margin-top:0;margin-bottom:0;margin-right:0;margin-left=
:0;" >
Bitcoin: USD exchange rate</p>
</td>
</tr>
<tr>
<td style=3D"padding-top:0;padding-bottom:15px;padding-right:0;paddi=
ng-left:0;font-style:normal;font-variant:normal;font-weight:normal;font-siz=
e:32px;font-family:EBGaramond, Garamond, Times New Roman, Times, serif;line=
-height:36px;color:#333;mso-line-height-rule:exactly;" >
<p style=3D"margin-top:0;margin-bottom:0;margin-right:0;margin-left=
:0;" >
$64,830</p>
</td>
</tr>
<tr>
<td style=3D"font-style:normal;font-variant:normal;font-weight:norma=
l;font-size:19.5px;font-family:EBGaramond, Garamond, Times New Roman, Times=
, serif;line-height:25px;color:#333;mso-line-height-rule:exactly;" >
<p style=3D"margin-top:0;margin-bottom:0;margin-right:0;margin-left=
:0;" >
down 0.3% on a week ago</p>
</td>
</tr>
</tbody>
</table>
</th>
<th class=3D"tflex" height=3D"20" width=3D"20" style=3D"padding-top:0;p=
adding-bottom:0;padding-right:0;padding-left:0;" >
</th>
<th align=3D"left" class=3D"tflex" width=3D"190" style=3D"vertical-alig=
n:top;padding-top:0;padding-bottom:0;padding-right:0;padding-left:0;" >
<table cellpadding=3D"0" cellspacing=3D"0" width=3D"100%">
<tbody>
<tr>
<td style=3D"padding-top:0;padding-bottom:10px;padding-right:0;paddi=
ng-left:0;font-style:normal;font-variant:normal;font-weight:normal;font-siz=
e:22px;font-family:EBGaramond, Garamond, Times New Roman, Times, serif;line=
-height:30px;color:#333;mso-line-height-rule:exactly;" >
<p style=3D"margin-top:0;margin-bottom:0;margin-right:0;margin-left=
:0;" >
Oil price (barrel of Brent crude)</p>
</td>
</tr>
<tr>
<td style=3D"padding-top:0;padding-bottom:15px;padding-right:0;paddi=
ng-left:0;font-style:normal;font-variant:normal;font-weight:normal;font-siz=
e:32px;font-family:EBGaramond, Garamond, Times New Roman, Times, serif;line=
-height:36px;color:#333;mso-line-height-rule:exactly;" >
<p style=3D"margin-top:0;margin-bottom:0;margin-right:0;margin-left=
:0;" >
$89.90</p>
</td>
</tr>
<tr>
<td style=3D"font-style:normal;font-variant:normal;font-weight:norma=
l;font-size:19.5px;font-family:EBGaramond, Garamond, Times New Roman, Times=
, serif;line-height:25px;color:#333;mso-line-height-rule:exactly;" >
<p style=3D"margin-top:0;margin-bottom:0;margin-right:0;margin-left=
:0;" >
down 11% on a week ago</p>
</td>
</tr>
</tbody>
</table>
</th>
</tr>
</tbody>
</table>
<p style=3D"margin-top:0;margin-bottom:0;margin-right:0;margin-left:0;" >
</p>
</td>
</tr>
</table>
</td>
</tr>
</table>
=09
<table width=3D"100%" cellpadding=3D"0" cellspacing=3D"0">
<tr>
<td align=3D"center" style=3D"padding-top:0;padding-bottom:0;pad=
ding-right:0;padding-left:0;font-size:0;line-height:0;mso-line-height-rule:=
exactly;" > <span class=3D"wi-100p hm"><a href=3D"https://blend.spectator.c=
o.uk/t/j-l-yduubll-dujyitliiu-jd/" style=3D"outline-style:none;colo=
r:#b30517;text-decoration:underline;" ><img src=3D"https=
://i8.cmail19.com=
/ei/j/81/8DF/B18/csimport/STA0726137658-001_T=
heSpectator_InvTrustsban.085812.jpg" width=3D"710" label=3D"Responsive_Ban=
ner Desktop" height=3D"130" style=3D"width:100% !important;font-style:norma=
l;font-variant:normal;font-weight:normal;font-size:16px;font-family:Times N=
ew Roman, Times, serif, EBGaramond;line-height:20px;color:#333;vertical-ali=
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