Hugh Osmond fears entrepreneur exodus
Hugh Osmond, one of the UK’s most successful entrepreneurs, gave warning this weekend that he and other business owners are considering leaving Britain because of worsening relations with the Government and HM Revenue & Customs.
Osmond, who has amassed a £350m fortune through businesses such as Pizza Express and Punch Taverns, is increasingly worried at the way he believes entrepreneurs are being targeted by the taxman.
He said: “Forget non-doms and multinational companies threatening to leave the UK, it’s your home-grown entrepreneurs which the country risks losing. Everybody I speak to has got a report on their desks about where they could be based as non-residents. People are looking at the practicalities of basing themselves in places such as Monaco, Luxembourg or Switzerland. The Government doesn’t seem to realise that people… can operate from anywhere.”
His comments will add to the pressure on Alistair Darling, the beleaguered Chancellor, amid a growing revolt from the business community.