BIG BUSINESS FORCED OUT OF UK BY BURDENSOME BUSINESS OF TAXATION

A further demonstration of the insane and burdensome business of UK taxation was highlighted recently with the departure of Jim Ratcliffe’s multi-billion pound company from the UK to Switzerland.  Ratcliffe took the decision to join the ranks of British entrepreneurs and high net earners leaving the UK in droves to avoid paying substantial percentages of their income to HM government and revenues.  Among those leaving the UK include names such as Lewis Hamilton, Formula One Driver and Guy Hands, City Financier and owner of many companies among them the record giants EMI, as well as pharmaceutical group ‘Shire’ and advertising giant ‘WWP’. 

Ratcliffe and his other directors were forced to make the move after needing to clear debts built up over the recession of some 6 billion pounds.  The move is even backed by the company’s debtors, banks which include RBS and Lloyds both of whom were bailed out by the government and are now 84% and 41% owned respectively by the state, despite the very fact that the move is set to cost the UK Treasury hundreds of millions of pounds.

Surely we have to ask ourselves, what on earth can be going so badly wrong with Gordon Browns government and the current tax set up in the UK, that instead of supporting and encouraging entrepreneurialism, it is actually driving it out of the country and overseas?

A steady stream of new taxes, including the 50% top earners tax rate, the £30,000 levy on non-domiciled tax payers and Pension tax relief cut for those receiving more than £130,000 per annum are all rather obviously going to push at high net earners to leave the country and take their business elsewhere.

Surely Mr Brown must realise that we need these high net individuals in the UK?  That entrepreneurialism and big business MUST be supported?  Without them, we will continue to head towards becoming a nation of civil servants. 

And as the example of jim Ratcliffe serves to highlight, (despite Ratcliffes early claims to remain committed to a UK base of operation), that the move of its headquarters could potentially risk the jobs of 3,700 UK employees and a further 1000 contractors. However with a saving of some £400 million in tax predicted over the next four years alone, who could blame him?

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