Uncertainty is holding Britain back: Ad tycoon Sorrell says companies won’t invest in the UK until ministers restore confidence
Companies will “go on strike” and refuse to invest in the UK unless ministers restore confidence, says a prominent British businessman.
Sir Martin Sorrell, head of digital advertising firm S4 Capital, praised the government’s aims to stimulate growth but warned that uncertainty was holding back the economy.
Referring to the Chancellor’s mini-budget, he told BBC Radio 4’s World at One: ‘I don’t think tax rates necessarily determine whether people invest.
Warning: Sir Martin Sorrell (pictured) praised the government’s aims to stimulate growth, but said uncertainty was holding back the economy.
“It is certainty or uncertainty that makes them invest and the environment, in part as a result of his statement on Friday and what he said over the weekend that there could be other unfunded tax cuts, has created an uncertainty yet. elderly.
‘Uncertainty is the real problem and if governments can eliminate or reduce uncertainty, they encourage investment.
“If they increase it, and we have a huge communications gap right now, kind of a black hole in terms of communications, companies will just go on strike.”
Sorrell said the uncertainty would continue with Parliament in recess, the next Conservative Party conference and no forecast from the Office for Budget Responsibility until the end of November.