Peel Hunt’s boss has warned that Britain is ‘losing companies hand over fist’ as he called for action to revive the UK’s stock market and wider economy.
Steven Fine, the City broker’s chief executive, said tax breaks for entrepreneurs and investors could help deliver growth – but that Britain first needs to learn to ‘celebrate success and people earning a few bob’.
Peel Hunt also warned in a report that the scale of takeovers by foreign companies and lack of new initial public offerings (IPOs) was depleting the London market.
Fine said: ‘You’re losing companies hand over fist, you are losing companies at an alarming rate from the public markets.’
He said there had also been anxiety ahead of the autumn Budget and ‘frustration and angst’ after it was delivered.
Britain had ‘a great history of bashing’ entrepreneurs, he said, adding: ‘But if you want to stimulate growth, we’re going to have to celebrate success and people earning a few bob.’
Growth drive: Peel Hunt boss Steven Fine (pictured) said tax breaks for entrepreneurs and investors could help deliver growth – but that Britain first needs to learn to ‘celebrate success’
Fine called for a revival of entrepreneurs relief, which allowed founders to pay a lower rate of capital gains tax when selling their business but has since been scaled back, but only if they carry out an IPO.
He said Britain had ‘a great history of bashing’ entrepreneurs and success, adding: ‘But if you want to stimulate growth and you want to get things going, we’re going to have to celebrate success and people earning a few bob.’
He also called for the restoration of dividend tax credits for pension funds that were abolished by then chancellor Gordon Brown in 1997.
For a cost of just a ‘few hundred million pounds’ it will encourage retirement schemes to increase they have allocated to UK equities.
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