Letter to the Times http://www.timesonline.co.uk/tol/comment/letters/article7111022.ece
Published 29th April 2010.
A group of 55 entrepreneurs has spoken out against the prospect of a Liberal Democrat-Labour coalition, claiming that it would be “disastrous for British business”.
In a letter to The Times, the signatories claim that they have “created many tens of thousands of jobs in the UK” but that the “ever-increasing tax burden and red tape is destroying the very innovation the UK needs to succeed”.
Dismissing the idea that Lib Dem involvement in a future government might improve the situation, they say that the policy of Nick Clegg’s party is “even worse”.
“Mr Clegg’s proposed increases in Capital Gains Tax would strangle inward investment into the UK by making the UK the least attractive place to build or expand any new business,” they write.
The letter is reproduced below, with a full list of its signatories
The undersigned 55 entrepreneurs have built a wide range of new and respected businesses in a wide variety of sectors, over many years. In so doing, we are proud to have created many tens of thousands of jobs in the UK and provided hundreds of millions of pounds of tax receipts.
We write to voice our significant concern about the possibility of a Lib/Lab coalition administration.
For the last few years under Labour, the UK is becoming hostile territory for entrepreneurial businesses. Year after year Labour has created ever more reasons for businesses to leave the UK, or for entrepreneurs to set up their new businesses abroad. The ever-increasing tax burden and red tape is destroying the very innovation the UK needs to succeed and build jobs in what is a hugely competitive global economy. The sad reality is that entrepreneurs no longer feel welcome in a country run by Mr Brown.
Liberal Democrat policy is even worse. Mr Clegg’s proposed increases in Capital Gains Tax would strangle inward investment into the UK by making the UK the least attractive place to build or expand any new business. Jobs that would otherwise come to Britain will simply head elsewhere. Such a policy is short sighted in the extreme, and would definitely lead to reduced growth and higher unemployment.
Quite apart from who won or lost the television debates, David Cameron does run the only party that aims to nurture and encourage business, rather than hinder or disrupt it. With him as the next Prime Minister, we are confident the UK can once more become a natural choice of location for talented business people, and for exciting new businesses.
The Conservatives are publicly against Labour’s “Jobs Tax”, plan to reduce Employer’s National Insurance on a new company’s first ten employees, and intend to reduce the burden of bureaucracy whilst simplifying corporate taxes and regulations. These are the kind of policies that will encourage innovation and ensure entrepreneurial business can thrive, grow and compete globally from the UK.
This is particularly important in the context of the grim state of the country’s public finances and the current high levels of unemployment. Entrepreneurship is the oxygen of a thriving and efficient economy and attracts investment, builds jobs, increases tax receipts and brings prosperity for us all.
Having considered carefully the effect of all the above issues, we have reluctantly concluded that a Brown/Clegg partnership would be totally disastrous for British business, for British competitiveness and for British jobs. The undersigned therefore urge the public to vote in whatever fashion required to ensure neither Brown nor Clegg get to impose their anti-business policies on the UK for the next five years.
List of signatories
Rob Lewis, Executive Chairman, Omnifone
Julie Meyer, CEO, Ariadne Capital
Mike Tobin, Founder, Telecity Group plc
Ben Goldsmith, Director, Wheb Ventures
Mark Schneider, Founder & Director, Schneider Media
Abigail Hemingway, Managing Director, New Stream Media
Adrian Workman, CEO, VidZone Digital Media
Al Gosling, CEO, Extreme International
Andy Hasoon, Founder & CEO, Milamber Group
Bob McNicoll, Chief Executive, The IT Assessment Company
Charles Black, Chief Executive, Nasstar plc
Christian Goldsborogh, Partner, Stone Place Management
Craig Massey, CEO, Last Second Ticketing
Dan Kendall, Managing Director, IPG Systems Limited
David Sparks, Director, Legal Support Network
David Alberto, Managing Director, Avanta Group
David Cardale, Founder and Chairman, global3digital
Dawson Buck, Non-Executive Chairman, Trakm8 Holdings plc
Dr. Peter Frankopam, Chairman and co-founder, A Curious Group of Hotels
Dr Victor Chua, Partner and Healthcare Practice Leader, Candesic
Ed Bradley, Director, VirtualStock
Frank Taubert Co-Founder & CEO, 24-7 Entertainment
Gary Wyatt, Director, White Cloud Capital Advisors
Guy Edney, Chairman & CEO, GE Technology
Guy Fletcher OBE, Chairman, Commercial Arts Ltd
Ian Billington, Co-founder, Billington Cartmel
Jack Bardakjian, Managing Director, Gapuma (UK) Limited
John Chasey, CEO, Metismo
Judy Piatkus, CEO, Paitkus Books
Kevin Allen, CEO, Caffeine UK
Mark Colquhoun, Chief Executive, Solar Communications
Mark-Paul Buckingham, CEO, Reactec
Michael Buckley, Co-founder, Cashcade
Michael Jackson, Executive Chairman, Elderstreet Investments
Michael Pritchett, CEO, Penny Blue
Mike Davies, Managing Director, Wind Energy Group of Companies
Olivier Garrigue, CEO, Mapesbury Capital Partners
Paul Turner, Chief Executive, James Hallam Limited
Peter Sayburn, Founder & Director, Market Gravity
Ralph Simon, CEO, Mobilium
Richard Balding, Chairman, Formula Yacht Spars Ltd
Sean Corbett, CEO, Data Corporation
Shamil Chandaria, Chairman, Ocean Capital
Simon Wajcenberg, CEO, Clash Media
Sir John Becher, Chairman, Future Electric
Stephen Kendall-Lane, Chairman & CEO, Music Video Messages
Tim Clark, Founder & CEO, ieMusic
Tim Ingham, Director, VirtualStock
Tim Whiting, Founder & Managing Director, Timothy James & Partners
Tom Bureau, CEO, Magicalia
Parmjit Chagger, Director Ready 2 Locum
Wayne Lochner, Director, Global Betbrokers Sports Management Group
Stephen Wright, Founder, EPL Communications
Peter Charlesworth, Founder, OpenMatter
Wilf Eaton, Chairman, Metaskil Groupb
Other Media Coverage over Letter:
Press Association (and associated media)
http://www.google.com/hostednews/ukpress/article/ALeqM5h0PpR84I2a4rTl-l1t-IKWgDdt_A
Sunday Times – front page (under Voters love Clegg but hate his policies)
http://www.timesonline.co.uk/tol/news/politics/article7114037.ece#cid=OTC-RSS&attr=797084
Sunday Times Business section (print page 3)
http://business.timesonline.co.uk/tol/business/economics/article7113936.ece
Sunday Express (print page 9)
http://www.dailyexpress.co.uk/posts/view/172689/General-Election-2010-Business-warns-on-coalition/
Sunday Mirror
http://www.mirror.co.uk/news/latest/2010/05/02/entrepreneurs-voice-coalition-fears-115875-22226917/
Bloomberg / Business Week
http://www.bloomberg.com/apps/news?pid=20601087&sid=a_PPrP6kFil4&pos=8
http://www.businessweek.com/news/2010-05-01/cameron-maintains-lead-over-brown-as-election-enters-final-days.html
ITN
http://itn.co.uk/cc99b74fd3da397b960e2347d0dabd2e.html
Sky News
http://blogs.news.sky.com/kleinman/Post:3b55cf2e-3b61-4171-babe-600997a7c945
Belfast Telegraph
http://www.belfasttelegraph.co.uk/breaking-news/uk-ireland/entrepreneurs-voice-coalition-fears-14789769.html
Quote from George Osborne:
We also have a comment from George Osborne as follows: “This is a stark warning from some of the most successful UK entrepreneurs about the dangers of Labour and Liberal Democrat policies for the economy. They warn that Labour policies will undermine the recovery and hit jobs, and that Liberal Democrat policies are even worse. As David Cameron showed in this week’s debate on the economy, only the Conservatives understand what it takes to get our economy working for everyone.”