Letters: Some Parisian inspiration
[Re: Woo investors to make Britain like France, Boris told, yesterday]
The Centre for Policy Studies’ (CPS) conclusion that the UK needs to emulate the policies of France to attract investors offers interesting insights. This argument, however, must be put into context. Financial markets are in a precarious position with rising inflation, geopolitical uncertainty, and general volatility. For the moment, investors are minimising volatility and prioritising stability.
The UK has successfully established itself as a hub for startups, scaling businesses, innovation, and investment. Think of fintech – the UK reigns as one of the top three fintech hubs in the world. We also attracted over $18bn worth of venture-capital funding into tech companies in the first half of 2021 alone. Part of this success stems from the strict regulatory approach implemented by public bodies, including the FCA.
The CPS comments that tax reforms are warranted and that more needs to be done to promote investor interest outside of the capital are echoed by myself and other business leaders. Places like Manchester and Leeds demonstrate enormous potential.
There are also new regulatory opportunities that can be pursued now the UK is not part of the EU. Only by adapting to new market conditions can we ensure the UK remains a top destination for foreign direct investment. This includes taking note of the approaches being undertaken by countries like France. Afterall, it can be argued this has been key to the UK’s success.
Neil Debenham