Shalini Khemka CBE articulated that the recent Budget reflects a government more focused on taxation rather than nurturing entrepreneurship, stating, 'Today's budget shows that the current government is not the government for business.' She further emphasized that these measures disproportionately affect those who contribute to economic growth, highlighting the critical nature of the changes in relation to the entrepreneurial landscape.
Khemka highlighted the impact of new tax measures on SMEs by saying, 'The changes announced... will target the very people who help grow the economy.' She pointed out that the increase in Capital Gains Tax and restrictions on Business Asset Disposal Relief will severely limit the ability of entrepreneurs to reinvest, questioning the sustainability of the UK as an entrepreneurial hub.
Reflecting on the intentions behind the Budget, Khemka noted, 'This sends a clear message that we are not welcoming to entrepreneurs from overseas who wish to start their businesses in the UK.' She underscored that the measures introduced will likely discourage international talent from establishing themselves in the UK.
Many entrepreneurs are feeling pressure to relocate abroad due to these tax changes, with Khemka warning, 'For many, this budget has solidified any confusion around whether to move abroad.' She anticipates an uptick in talent and investment leaving the UK as a direct result of these measures.
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