Tycoons urge Rachel Reeves not to stifle entrepreneurs in the Budget

We write on the eve of Global Entrepreneurship Week in the UK, as founders who have built and scaled businesses within the UK. 

We take pride in having created jobs and contributed to wealth generation across the country. 

The UK has a proud tradition of entrepreneurship, spawning businesses that have produced products and services that have benefited not only people in the UK but across the world.

This country remains a strong entrepreneurial hub. Our robust financial system, the English language, and favourable time zones offer significant competitive advantages. 

This is reflected in the recent data showing that over 890,000 new businesses were started in the past year alone.

The government plays a crucial role in fostering enterprise. It should be concerned that, in the 2025 Opinium Global Entrepreneurship Index, the UK ranks 23rd globally as the best place to start a business, marking the sixth consecutive year outside the top 20. 

There is alarming evidence that some entrepreneurs are leaving the UK.

Furthermore, last year’s Budget measures, including changes to Capital Gains Tax, Entrepreneur’s Relief, and Employer National Insurance, have increased costs for many entrepreneurs and enterprises.

As the government prepares for this year’s Budget, it must carefully consider the cumulative impact of these policies on entrepreneurs. 

We need to empower the energy and dynamism of entrepreneurs, not stifle or constrain them.

Signed:

Ajaz Ahmed MBE (Founder, Studio.One)

Alex Stephany (Founder & CEO, Beam)

Annoushka Ducas MBE (Founder, Links of London and Annoushka)

Brett Wigdortz OBE (CEO and Co-Founder of Tiney)

Dr Robert D. Kilgour (Founder & CEO, Dow Investments Plc)

Grace Graham (Founder and CEO, Workspa)

Harry Hyman (Founder, Primary Health Properties)

Joanna Jensen (Founder, Childs Farm)

John Cotterell (Founder and CEO, Endava)

John Roberts (Founder and CEO, AO)

Martin Leuw (Serial Entrepreneur at Growth4Good)

Maya Moufarek (Founder, Marketingcube.co)

Nick Wheeler OBE (Founder and Chair, Charles Tyrwhitt)

Sir Martin Sorrell (Founder and Executive Chairman, S4 Capital plc)

Sam Smith (Founder, SuperScalers and finnCap)

Steve Rigby (Co-Chief Executive, Rigby Group plc)

Surinder Arora MBE (Founder and Chairman, Arora Group)