UK Budget: Income Tax Rise Needs to Be a One-off, Cain's Goldstein Says

Bloomberg

Watch UK Budget: Income Tax Rise Needs to Be a One-off, Cain's Goldstein Says - Bloomberg on Dailymotion

Transcript

00:00You're also a labor donor, so what would you expect in that budget come November 26?

00:06Well, I think there's been a long build-up to this budget,

00:09and I think the three things that I think the country needs to see

00:13are certainty, confidence, and competitiveness.

00:17So I think we need to get over this period.

00:19There's clearly in the economy, in the industry, across many industries,

00:23there's been a hiatus.

00:25People are waiting to see what's happening, waiting to hear.

00:27There's a huge amount of balloons being floated around in the press

00:31about so many different taxes, so many different spendings and cuts and investments.

00:36So I think this build-up has really been a long one.

00:40So I think what the country really needs is certainty.

00:43We need to get back to it, absolutely knowing the direction of travel.

00:47We need to understand what drives the economy.

00:50We need to make sure that those aspects are enforced,

00:53and we need to retain a level of confidence.

00:56This is a great country.

00:57With a huge amount of assets, and we really need to be playing to them.

01:01So first of all, how much was the abolition of the non-DOM regime damaging

01:04to entrepreneurship, to wealthy investors leaving the country?

01:11Well, you've seen around the world a flight of millionaires

01:14to the UAE, to Italy, to the US, at the expense of London.

01:21And if you look at the top end of the London residential market,

01:23you'll find it's very sluggish, very, very, very, very slow.

01:27And the reality is that we live in a very mobile world.

01:30Our ability to move around the world today is unparalleled.

01:34And as a result, we need to understand our relative place in that competitiveness,

01:39you know, area, is hugely important.

01:42And we can't sort of think that we're an island,

01:45that people are just going to come to whatever,

01:47because people can up and go.

01:48And we're seeing too many stories of founders of companies

01:51upping and going and leaving this country.

01:53And that has a significant impact on productivity,

01:56and that eats into confidence in the country.

01:59So I know you want certainty, you want to basically the budget to happen now

02:04so that people can, you know, adapt and get on with their business.

02:07But what do you want to see in the upcoming autumn statement?

02:09Well, ultimately, I think we all understand that the Chancellor needs to raise revenue.

02:15We need to feel, unlike last year, that this is a one-off,

02:19that there is a line drawn under that process.

02:21And if that has to be, as is clearly being floated,

02:23a small rise in income tax and a break in what was said in the manifesto,

02:28I think the government has to be bold and the government has to go for it.

02:31I don't think that anybody in this country really believes

02:34that people have to be hidebound statements,

02:36we're not in business, that we made two or three years ago.

02:39I think it's obviously politically uncomfortable,

02:41but it's an important decision to make.

02:43And the second thing I would say is that we need to play to innovation.

02:47We need to make this country a place that people want to do business in

02:51and come and live in.

02:52If you look at the founder of NVIDIA, he moved from Taiwan to the US.

02:56He's created a company which is valued at almost $5 trillion.

03:00You want to come to the UK or anywhere in Europe,

03:02you have to fill in forms, you have to wait months and months and months.

03:05We are creating an environment that people don't want to come to.

03:09And I think we need to get away from that.

03:11We need to understand that the benefits of immigration are strong for this country

03:16and that we are in a global fight for talent.

03:19And we need to win that.

03:21We need to win our fair share of that.

03:23And at the moment, I don't think we are.

03:24Jonathan, is it about the taxes?

03:26Is it about the money?

03:27Or is it about people not feeling welcome?

03:29I think it's about the environment myself.

03:32I think, yes, taxes are an element of that.

03:34But I don't think everybody is so obsessed with the odd P and the pound to worry about that.

03:38I think we need to create an environment of both a business and a social perspective.

03:42This country becomes a welcoming country again.

03:45And I think that is a route that the prime minister really believes and goes in at his very core.

03:50And I think we need to make sure that we as a country are seen as a welcoming country.

03:54Many of us, for generations, are the beneficiaries of this wonderful country.

03:59And we need to make sure that that is a continuing narrative.

04:02And I'm concerned that we're seeing too much of this negativity,

04:06too much of this downing on Britain,

04:09which is, I think, creating a message around the world

04:12that we're no longer a welcoming environment.

Category

Transcript

Be the first to comment

Recommended