John Caudwell: I backed Labour, but they haven’t kept their promises

John Caudwell, a British entrepreneur and founder of Phones 4u, has criticized the Labour Party for not keeping its pro-business promises. Caudwell argues that the government has given entrepreneurs more reasons to seek opportunities elsewhere. He supports the Stop the Creep campaign led by the scale-up founders' network Helm, which urges the new Chancellor to halt and reverse recent tax increases on business owners.

Caudwell has backed Labour since the 2024 election, valuing policies over party affiliations. However, he is disappointed that Labour's pro-business pledges have not translated into tangible actions. The tax burden from employer's National Insurance, higher Capital Gains Tax, and narrowed reliefs for business and agricultural property have collectively strained the economy, particularly during a period of increasing inflation, unemployment, and financial distress among British companies.

Many entrepreneurs and business leaders are leaving the UK for more favorable tax environments in countries like the UAE, Spain, Singapore, Monaco, and Italy. Caudwell emphasizes that Britain's success would require predictability, fair taxation, and a system that rewards hard work. He calls for reversing the rise in employer's National Insurance, restoring previous entrepreneurial reliefs, and providing long-term clarity on business taxation.

Furthermore, Caudwell advocates for improving public sector efficiency through better accountability and modern technology, which could save around £12bn. He also suggests that Britain should establish a serious inward investment operation to attract global companies capable of creating jobs, technology, and intellectual property.

Caudwell believes that the upcoming Budget will determine whether this government truly supports business growth and job creation in the UK.