Fifty-five prominent business leaders say that a Lib-Lab coalition would be “disastrous for business” in a letter to the Times.
The executives and entrepreneurs voiced “significant concern about the possibility of a Lib/Lab coalition administration” but praised the Tories for their business-friendly policies.
The letter, whose signatories include Sir John Becher, chairman of Future Electric, Shamil Chandaria, chairman of Ocean Capital, and Stephen Wright, founder of EPL Communications, is scathing about the record of the incumbent government.
“Under Labour the UK is becoming hostile territory for entrepreneurial businesses,” it says. “Year after year Labour has created ever more reasons for businesses to leave the UK, or for entrepreneurs to set up their new businesses abroad.
We have reluctantly concluded that a Brown/Clegg partnership would be totally disastrous for British business, for British competitiveness and for British jobs
From a letter to The Times, signed by 55 business leaders
“Sad reality”
“The ever-increasing tax burden and red tape is destroying the very innovation the UK needs to succeed and build jobs in what is a hugely competitive global economy. The sad reality is that entrepreneurs no longer feel welcome in a country run by Mr Brown.”
The Lib Dems' policies, asserts the letter, are even “even worse” for business. “Mr Clegg’s proposed increases in Capital Gains Tax would strangle inward investment into the UK by making the UK the least attractive place to build or expand any new business.
“Jobs that would otherwise come to Britain will simply head elsewhere. Such a policy is shortsighted in the extreme, and would definitely lead to reduced growth and higher unemployment.”
The Tories, by contrast, are broadly praised for their approach to regulation, tax and other issues that impact on businesses.
“David Cameron does run the only party that aims to nurture and encourage business, rather than hinder or disrupt it. With him as the next Prime Minister, we are confident the UK can once more become a natural choice of location for talented business people, and for exciting new businesses.
“The Conservatives are publicly against Labour’s “Jobs Tax”, plan to reduce Employer’s National Insurance on a new company’s first ten employees, and intend to reduce the burden of bureaucracy whilst simplifying corporate taxes and regulations. These are the kind of policies that will encourage innovation and ensure entrepreneurial business can thrive, grow and compete globally from the UK.
“This is particularly important in the context of the grim state of the country’s public finances and the current high levels of unemployment. Entrepreneurship is the oxygen of a thriving and efficient economy and attracts investment, builds jobs, increases tax receipts and brings prosperity for us all.”
The letter urges the electorate to vote Tory come 6 May.
“Having considered carefully the effect of all the above issues, we have reluctantly concluded that a Brown/Clegg partnership would be totally disastrous for British business, for British competitiveness and for British jobs. The undersigned therefore urge the public to vote in whatever fashion required to ensure neither Brown nor Clegg get to impose their anti-business policies on the UK for the next five years.”
