UK founders slam Labour as “anti-business”
UK founders are increasingly losing confidence in Labour’s approach to businesses, as they brace for potential tax rises in the upcoming Autumn Budget.
According to the latest survey from entrepreneur network Helm – whose members oversee more than £8bn in annual revenue – over 60 per cent of founders hailed the government as “anti-business” with a staggering 95 per cent believing it does not “reward hard work”.
The findings come as Labour continues to grapple with losing the trust of many business leaders and founders, after hiking employer national insurance contributions to 15 per cent from 13.8 per cent, increasing the national living wage and dramatically rewriting employment law.
The tax changes came into effect in April, since when Budget speculation has dampened confidence with 75 per cent of Helm members admitting they would continue to freeze hiring and investment until after next week’s Budget.
Businesses feel “betrayed”
Andreas Adamides, chief executive of Helm, said: “Our members feel betrayed, ignored, and genuinely let down by a government that promised growth but has delivered nothing but uncertainty and indifference.
“These aren’t faceless corporates, they’re founders who’ve risked everything to build businesses, create jobs, and drive the economy forward.
“They wanted to believe Labour understood them.”
A wide range of chief executives and founders, including HMV and B&Q, have also recently urged the Chancellor to not burden businesses with further taxes.
Voting intentions
While 20 per cent of respondents voted for Labour in the last general election, none expressed an intention to vote or consider the party in the 2029 election.
Founders have also lost faith in Conservatives, who have failed to gain traction among voters following their staggering defeat last year, with just six per cent planning to vote for the party, down from 49 per cent the year before.
Nearly 60 per cent were undecided on which party to vote for.
However, Adamides noted that Reeves still has a chance to pull businesses back onto the government’s side by delivering a Budget aimed at supporting UK companies and growth.
He said: “They’ve read endless speculation about punishing tax rises and listened to ministerial rhetoric that dismisses their concerns.
“The sense of betrayal is palpable.
“Rachel Reeves still has a chance to turn this around. We need a Budget that backs growth, not one that punishes success.”