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Good morning from the Financial Times.
Today is Thursday, August 14th, and this is your FT News Briefing.
Turns out rich people aren't fleeing the UK after all,
and British companies are rushing to do more business in China.
Plus, US shale has been booming for the past 10 years, but that run may be coming to an end.
I'm Mark Filippino, and here's the news you need to start your day.
It looks like the UK doesn't need to worry about losing all its wealthy residents whose fortunes are headquartered outside the country.
Earlier this year, Chancellor Rachel Reeves intensified Britain's crackdown on so-called non-DOMs,
that's non-domiciled residents, folks who may be avoiding taxes while living in the UK.
And some predicted this crackdown would lead to a mass exodus.
But new data finds no evidence suggesting more non-DOMs left Britain than official predictions.
which takes a huge amount of pressure off Reeves.