Are business owners switching their business overseas?
Increased taxes and a series of spending cuts could land the British economy in a lot of worry as the high-earners could lose trust in the administration and look for better facilities in another country, which could see the country lose billions in terms of revenue, especially from entrepreneurs, who companies are publicly traded. This threat scale has come out in the open after a full-scale survey among nearly 500 entrepreneurs, a majority of whom are thinking of switching abroad, and taking their business with them.
Also Read : Countdown on? Taylor Swift and Travis Kelce may be getting ready for their engagement era
Will business shifts hurt the British economy?
The businesses bring in revenue of a combined total of £2.6bn, which understandably, is quite beneficial for the British economy when taxes are concerned, and they also employ nearly 22,000 people from the country or from abroad for their respective services, something that could also come under risk if they switch overseas. There are various other miscellaneous costs involved around multi-million dollar businesses that also bring in a streamlined revenue for the British economy, something that could take a hit if such circumstances erupt.
However, many popular economists and analysts are of the opinion that there is not much reason for the business owners in the UK to take these adverse, at least not right now.
Also Read : Day Drinker: Johnny Depp and Penélope Cruz starrer thriller’s cast, plot and production team
FAQs:
Is the British Government increasing capital gain tax?
British Government has decided upon increasing the capital gain tax, something that has already alarmed entrepreneurs in the country. Why are business owners in UK thinking of moving abroad?
Based on the latest call of increased taxes in the country by the new British Government, business owners are contemplating about shifting their business elsewhere.
Disclaimer Statement: This content is authored by a 3rd party. The views expressed here are that of the respective authors/ entities and do not represent the views of Economic Times (ET). ET does not guarantee, vouch for or endorse any of its contents nor is responsible for them in any manner whatsoever. Please take all steps necessary to ascertain that any information and content provided is correct, updated, and verified. ET hereby disclaims any and all warranties, express or implied, relating to the report and any content therein.