Entrepreneurs offer a plan to pull Britain out of the doom loop
Entrepreneurs are problem solvers by nature, so we should welcome the fact that an esteemed group of them are turning their attention to the biggest challenge of our age: how to pull Britain out of the doom loop.
Enterprise Britain launches today with a rallying cry to “reject the narrative of decline” and “reignite Britain’s ambition.” Serial entrepreneurs Stephen Fitzpatrick (OVO Energy, Kaluza, Vertical Aerospace) and Brent Hoberman (Founders Forum Group, lastminute.com, firstminute capital) co-chair the new group which describes itself as “a movement of entrepreneurs, business leaders, and investors who feel compelled to act now, to build a better future for the UK.”
Having built, scaled and sold businesses Fitzpatrick and Hoberman – along with a heavyweight Advisory Board – bring gravitas to this mission along with a welcome sense of urgency. Fitzpatrick rightly observes that successive governments have “increased the amount of resistance businesses face in this country, while starving them of the capital and talent they need for fuel,” adding that as a consequence “Britain’s greatest threat isn’t from disaster, it’s from drift…a slow erosion of confidence.” Hoberman says that “it’s not too late to change our trajectory” as long as we’re bold enough to pursue “a collective reset in ambition and a willingness to think bigger.”
Blueprint for a more prosperous society
Their inaugural report makes dozens of policy recommendations including dramatic tax reform to incentivise investment; cutting employment taxes; promoting a culture of retail investment; banning non-compete clauses; reviewing the scrapping of the non-dom regime; recognising childcare costs in the tax system; unwinding the risk-averse nature of pension funds; and championing entrepreneurship through a national campaign.
It’s heady stuff that should be taken seriously by the government and opposition parties. What makes the report stand out is that in addition to the well-argued policy recommendations, the authors make the case that this isn’t just about shifting the dial on GDP growth; it’s about building a society that understands and celebrates the contribution of entrepreneurs, employers and businesses of all sizes. This, they argue, is best achieved when people have a tangible stake in economic success, whether through higher wages, investment returns or just clarity over their pension and personal finances.
Enterprise Britain hasn’t just outlined a manifesto for growth but a blueprint for a more engaged, prosperous and ambitious country. All power to them.