A former chief economist at the Bank of England, Andy Haldane, has urged the Labour Party to reconsider its plan to eliminate the tax loophole for wealthy foreigners, known as the non-dom status. Haldane expressed that there should be "cause for pause" regarding the government's proposal, especially in light of concerns from the Treasury that the policy may not generate any revenue. While acknowledging that Labour's shadow chancellor, Rachel Reeves, has valid reasons for wanting to close this loophole, Haldane emphasized the importance of carefully evaluating the potential impact on business confidence if the measure fails to produce financial returns. He suggested that the government should weigh the implications of the policy before moving forward.