The Telegraph | November 2024
Starting a new business is seen by many as a huge leap. One that, with increased taxes, planning hassle and a reluctance by banks to lend, is seen by many as not worth the risk.
These were the thoughts expressed by many of the entrepreneurs interviewed in The British Entrepreneur Report. The report found that the British are uniquely risk-averse with over half of employees saying that a fear of failure has deterred them from setting up their own venture.
Labour’s first Budget is set to exacerbate these issues. Described as anti-entrepreneur by many the budget is set to raise taxes on those aiming to build or grow their business, making the rewards seem out of reach and discouraging an already wary population.
The ingredients for growth are there, but faced with government-related barriers, many are being put off. Many fear that entrepreneurs and investors are beginning to look at other countries with more attractive regulation to set up businesses.
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