Britain’s prosperity has long depended on being open to talent and investment. Following Brexit and the pandemic, and amid the worst cost of living crisis in a generation, that openness is more important than ever. It is crucial to boosting economic growth and raising living standards, and will be absolutely necessary in delivering the Government’s plans to level up the UK.
With the support of Shore Capital, the Centre for Policy Studies (CPS) asked major investors the question “Why Choose Britain?”
The CPS interviewed more than 100 founders, funders, CEOs, entrepreneurs and other senior figures, in the biggest focus group of its kind to date. Their comments to the CPS, provided on the basis of anonymity, give an unparalleled insight into the mood of the investment community. And the overall verdict is that though the UK is still a more attractive place to do business than its European counterparts, we have been losing ground.
The report concludes with a 10-point plan to make Britain dramatically more investment-friendly and business-friendly. By doing so, the Government can put the private sector where it belongs – at the heart of the recovery, and of the country’s future prosperity.
1. Publish a plan to make Britain the most investment-friendly country in the world
2. Cancel the corporation tax rise
3. Extend the special tax regimes that bring wealth and talent to Britain
4. Enhance tax breaks that boost investment
5. Reform the regulations that hold back our investment ecosystem
6. Introduce cutting-edge regulatory frameworks to capture new markets
7. Put a new competitiveness unit at the heart of government
8. Renew No. 10’s focus on business and put in place a much better support structure
9. Empower city regions to promote themselves as investment destinations
10. Promote business-finance-university clusters across the UK
Howard Shore, Chairman of Shore Capital, said:
‘In post-Brexit Britain, it is essential that we re-establish our own economic identity and play to our many strengths as a nation to restore the entrepreneurial environment and enthusiasm that existed during the Thatcher government in the 1980s.’
Robert Colvile, Director of the Centre for Policy Studies, said:
‘When business speaks, the Government should listen. We know that business is the engine of economic growth. If we are to grow our way out of the current economic malaise, we will need business to do the heavy lifting.
‘Making Britain more attractive to investors will also help make Britain a more business-friendly country – which is the only sustainable route to prosperity. We urge the Government to listen to the voices in our report.’