Entrepreneurs threaten to quit UK
Jan 19 2010
Entrepreneurs say tax and regulations are putting constraints on business
One in ten entrepreneurs plan to quit the UK, according to a survey.
Only 17 per cent of respondents believe that the UK offers an attractive environment to launch a new business, according to research from private bank Investec and networking group Entrepreneurs Organization (EO).
Ed Cottrell, a director at Investec, says: ‘It would appear that [entrepreneurs] feel there is considerable room for improvement in the overall regulatory and tax environment in the UK. These people will be key to helping the country recover from the recession, so it is alarming to see many considering moving their operations abroad to more favourable environments.’
A study from the British Chambers of Commerce (BCC) claims that upcoming employment regulations and taxes will cost UK businesses £25.6 billion over the next four years.
David Frost, director general of the BCC, says: ‘What must not happen after a general election is that a new government – from whatever party – comes to power and decides to add to this already sizeable burden on business.’
However, despite threats to leave the country, 88 per cent of the entrepreneurs surveyed by Investec and EO say they expect revenue from their UK businesses to increase this year.
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