Wealthy investors are losing faith in the UK as a place to start a business and invest, according to new research from Wealth Club.
Nearly two thirds (64%) do not think the UK is a good place to set up a company, while 47% do not believe it is currently a good place to invest. In contrast, just 11% believe the UK is an attractive place to set up a business, while 24% are unsure.
Furthermore, almost eight in 10 (79%) investors believe the UK does not do enough to support wealth creation and wealth creators taking into account taxation as well as cultural and social factors.
The findings – which were gathered ahead of the Budget – found 33% of respondents feel poorer than a year ago, while 38% say they feel the same and around 30% feel wealthier than last year.
Alex Davies, founder and chief executive of Wealth Club, said: “There’s no doubt that investors are feeling downbeat. Many believe the UK is no longer a great place to start a business or invest, and that the country does little to support wealth creation and the entrepreneurs who drive it.
“This is a great shame – and should be a wakeup call for the Government. It needs to do more than just say it understands how vital business and wealth creators are to the nation’s prosperity – it needs to take action.”
Davies said that Britain still has many advantages over rivals when it comes to choosing where to start a business. These include “relatively light” bureaucracy, the ability to register a company quickly and a wealth of support from incubators to funding schemes, as well as initiatives such as Enterprise Investment Scheme and Venture Capital Trusts.
However, he added that it is vital the Government recognises this and champions enterprise by introducing measures that encourage investment and innovation and avoid making wealth creation harder.
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