The Observer: ‘It’s time for a new era of scale-up investment to power British growth’

Read the full article here.

Financial services, often described as the jewel in the crown of the UK economy, already contribute 12% of government tax receipts. Proposals to introduce VAT on financial services or increase the bank levy must be firmly off the table if the sector is to continue making an outsized contribution towards paying for sustainable public services on which tens of millions of people rely. Rumours of taxes on limited liability partnerships (LLPs) must also not come to pass – the risks to UK’s competitiveness are clear and must be avoided.

We need fewer barriers to investing in UK companies. Removing this friction could be one of many measures to stimulate positive investment of the £280bn or so currently sitting idle in accounts earning zero interest.