The UK isn’t celebrating risk takers and wealth creators – Castore boss
The UK is at risk of “taking too many steps down a road of not wanting to celebrate risk takers and wealth creators”, according to the co-CEO of sports apparel brand, Castore.
Tom Beahon, who shares the top job with his brother Phil, added “there’s not a lot of incentive for anyone to take risks right now” and called for a flat rate of income tax to be introduced.
Speaking on the latest episode of City PM‘s Boardroom Uncovered podcast, Beahon said it is “hard to be overly positive” about the state of the UK economy and that actions taken by the Labour government “haven’t necessarily matched the rhetoric that came before them coming into power”.
The Castore boss said: “I think we as a country – I’m incredibly proud to be British and I’m a massive believer in Britain – risk taking too many steps down a road of not wanting to celebrate risk takers, wealth creators.
“The only way that we’ll stop going down that road is with very clear and decisive action.
“I’m not sure a flat income tax will come anytime soon, but if that starts the conversation then great.”
‘The actions taken don’t match the rhetoric’
Asked about the state of the UK economy, the Castore co-founder added: “I think it’s hard to be overly positive. The actions taken by the government haven’t necessarily matched the rhetoric that came before them coming into power.
“There is a lot of talk about the economic growth being the absolute central agenda. I’m not sure the actions taken match that rhetoric.
“I think any sensible person will recognise that there are fiscal challenges. We’re not the US that could maybe afford to be as liberal with some of their fiscal policies, as we could be, unfortunately.
“But I’m not sure the government has done very much to show the sort of risk takers, wealth creators, people that want to get on in life on the UK can and should be one of the leading meritocracies in the world.
“We don’t need to be a leader in everything. We don’t need to be the number fourth, fifth, sixth economy in the world to be successful.
“But there’s some incredibly talented people here and those sectors that we can be genuinely world class and world leading in.
“That won’t happen by accident. It will take decisive policy action to unlock that potential. And as yet, the action has been lacking.
“I think it starts with the rhetoric. When they first came into power [they were] talking about, ‘oh, we’ve inherited this terrible mess and the economy is a disaster’.
“I think they quickly realised that what Cabinet ministers say has real impact. And [they] kind of slowly started to backtrack.
“It’ll be a good start demonstrating that there is a belief in growth. There is a belief that this country can compete on the global stage. And then…articulating a clear plan for where we can win.”
Free enterprise and tax incentives
The boss of Castore also stressed the importance of the government taking “real action” to boost growth in the UK.
He said: “Talking a very high level about AI does not achieve anything. It doesn’t do anything for anyone on the ground, in my opinion.
“It’s great if you want to host an annual AI seminar or meeting, but in my view, there needs to be far more tangible action taken to say this country can be a leader in the creative sectors, the service sectors, sport, healthcare, bio biochemistry. There are many areas that we can be leading in.
“We need to take real action, whether it’s through free enterprise, whether it’s through certain tax incentives to encourage the people that come within those areas to go and take the risk, because there’s not a lot of incentive for anyone to take risk right now.”