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Ferrari has cut the number of cars it sells in the UK as wealthy individuals relocate overseas after tax changes and the abolition of non-dom status.
The Italian luxury carmaker reportedly began limiting the number of vehicles it exported to the UK about six months ago, in an attempt to stop a decline in their residual value.
Benedetto Vigna, the chief executive of the carmaker, said that Ferrari had seen a “stabilisation” in sales after the decision to reduce the number of vehicles it allocated to the UK.
“Some people are getting out of that country for tax reasons,” he told the Financial Times, adding that taxes were not the only reason for the fall in residual values. “There are many different factors. Maybe when you sell to the UK, that car cannot be sold somewhere else [because of its right-hand wheel]”.
In April the government abolished favourable tax treatment for non-domiciled residents – UK residents who declared that their long-term home was overseas to avoid paying UK taxes on global income and assets – and raised other duties on the wealthy.
The chancellor, Rachel Reeves, told the Guardian earlier this week that talk of an exodus of wealthy residents was just “scaremongering”.
“This is a brilliant country and people want to live here,” she said. “And I think, when people scaremonger again this year, we should take some of that with a pinch of salt.”
Reeves, who has said that the wealthy will be one of the targets for higher taxes in next month’s budget, has previously ruled out imposing a “wealth tax” but campaigners for changes to the system have highlighted other options.
These include raising the rate of capital gains tax, levying national insurance on rental income and on partners in law firms and consultancies, and creating higher council tax bands.
The non-dom tax changes sparked fears that Ferrari would lose its wealthy client base, leading to volatility in its residual prices, or the expected secondhand value of a vehicle when a leasing deal comes to an end.
Most new cars in developed markets are bought on deals that provide financing based on the amount of value a vehicle loses – its “depreciation” – rather than the overall sticker price.
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If cars have weaker secondhand prices, the financing needed increases and the car becomes more expensive to lease.
The residual value for Ferrari’s Purosangue model fell 12.2% between January and October, while the SF90 Stradale fell 6.6%, according to AutoTrader.
However, prices have started to stabilise in recent months. The Ferrari 296 GTB, a supercar launched in 2022, had a recommended retail price from £256,275 if bought new. However, a used version was available from £189,490 on AutoTrader.
Your guide to what Trump’s second term means for Washington, business and the world
Novo Nordisk shares fell on Friday after Donald Trump vowed to sharply lower the price of its popular weight loss drug Ozempic as part of the US president’s drive to cut the price of medicines in America.
Speaking at a press conference on Thursday, Trump said Ozempic’s price would be “much lower” once his administration had concluded negotiations with Novo Nordisk, the Danish group that pioneered obesity drugs.
Trump suggested the price of the drug could fall to as low as $150. Novo Nordisk halved the US price of Ozempic for people who cannot access it with health insurance to $499 earlier this year.
Shares in the Danish pharma group fell 5 per cent in early trading in Copenhagen on Friday. Shares in US pharma group Eli Lilly, its major rival in the obesity market, dropped 5 per cent in after-hours trading in New York.
US patients have historically paid much higher prices for drugs than their peers in other industrialised countries. Since returning to the White House, Trump has pushed drugmakers to lower prices for American consumers, threatening import tariffs if they do not agree.
He has complained that anti-obesity drugs are available in the UK at a fraction of their cost in the US, where branded medicines are on average two to three times more expensive than they are in Europe.
Last month, Pfizer reached a deal with the Trump administration to lower the prices of some drugs. Eli Lilly has been widely expected to reach a deal with the White House but has yet to do so.
Speaking alongside Trump at an event announcing a deal to lower costs of IVF treatment, Mehmet Oz, the head of the Centers for Medicare & Medicaid Services, said negotiations with Novo Nordisk were ongoing.
“We have not negotiated those yet . . . the President will be happy with the results, and until he is we are not going to close those negotiations,” he said.
Novo said it had “engaged in discussions” with the White House and remained “focused on improving patient access and affordability”.
