Yesterday’s King’s Speech pledged to attract private investment and drive economic growth.
This comes as JPMorgan warns it could reconsider its multibillion-pound Canary Wharf tower if taxes on lenders rise further.
In response, Andreas Adamides, CEO of Helm, the largest network for scale-up businesses in the UK, commented yesterday:
“Today’s speech talked a lot about attracting private investment and supporting higher growth, but businesses do not invest in a vacuum, they invest where the conditions make sense.
If the Government wants to turn warm words into real growth, it needs to back them with genuine tax breaks that help firms expand, hire and invest with confidence.
The warning from JPMorgan should be a wake-up call. When one of the world’s biggest banks is openly saying it could rethink a multibillion-pound project if taxes go up further, that tells you exactly where we are: Britain cannot tax its way to growth. Businesses need a stable, competitive tax regime if we are serious about attracting investment and keeping it here.”
