Tom Beahon, co-founder of sportswear giant Castore, has called on the Government to "reset" its relationship with business to prevent the UK from falling behind global rivals and to retain talented young people in the country.
Beahon, who founded Castore with his brother Philip in Liverpool in 2015, warned in a LinkedIn post that Britain is becoming an uncompetitive place to do business. The Manchester-based group has been backed by Sir Andy Murray, the billionaire Issa brothers and Ineos, and its bosses are targeting £300m in annual sales this financial year.
Warning on Waning Ambition
Beahon said the UK possesses many advantages that "cannot be easily replicated by other countries or diluted by short term Government decisions", including its legal system, cultural assets and world-class education system. However, he argued that future growth depends on founders who "consciously choose to delay their own financial gratification in the hope of building something of even greater value down the line" – and that without those entrepreneurs, "jobs, living standards and ultimately society all suffer".
He added: "Despite the UK’s many enduring strengths, our right to win as a country in an ever more competitive global economy is slowly but consistently diminishing. As someone who makes decisions every day on hiring, investment, expansion and exporting, it is clear to me that our collective ambition as a country is waning and unless something changes with our approach to business and wealth creation we will continue to fall further behind. Whatever your political views, this is a wholly negative thing for our country."
Call for Budget Action
Beahon recalled that when Castore started ten years ago, the UK felt like "the best place in the world to build a company". Now, he said, the next generation of talented young people are choosing to leave the UK to build their businesses and careers overseas. "When this happens, something needs to change," he wrote.
He urged the Government to demonstrate at the upcoming Budget that it understands entrepreneurs and to take "real action" to support the UK’s risk takers, providing the incentives and environment for success. "Policies are important but so is sentiment and the Government has a chance to reset their relationship with business," he said.
Without such action, Beahon warned, the Government will "continue to oversee steady decline", accelerating the stream of talent leaving the country and taking with them the tax income the rest of the country relies on. He concluded that Britain can continue to punch above its weight globally but that "the need for real action is increasing every day".
