British AI boss to quit Britain after entrepreneur crackdown [Yahoo! Finance]
SCHNEIDER ELEC UNSP/ADR (SBGSY)
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Source: Yahoo! Finance
Rory Blundell, co-founder of tech group Gravitee, said Labour's tax increases on start-up founders' profits had sapped the country's appeal as a place to start businesses and be successful. Mr Blundel said he was planning to relocate to Denver, Colorado along with most of his senior team because of a confidence and productivity crisis hitting the UK economy under Labour. “We haven't nurtured the business environment to give founders success stories that you see in America with big companies like Meta, which don't have equivalents in Europe and the UK, or give them the sense that they can benefit from their success and make money in Britain,” he said. “One policy that I would anchor a lot on is the focus on entrepreneurs relief and use that to encourage people to relocate their businesses here.” The comments come after Rachel Reeves increased entrepreneur tax rates to 18pc from 10pc in her 2024 Budget. This means that entrepreneurs would have to pay a much higher rate of tax
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