Steve Rigby, chief executive of the family-owned investment firm Rigby Group, has urged the UK government to refrain from increasing taxes on businesses in the upcoming Budget. Speaking at the Labour Party conference, Rigby warned that the current tax environment is reaching a critical threshold, arguing that the “business tax kitty has got to stop being raided.”
Rigby emphasized that many sectors are currently operating at their absolute capacity. He advocated for a “pretty boring Budget” that provides stability, rather than policy shifts that could disrupt growth. His primary concern centers on potential adjustments to capital gains tax, which he believes could negatively impact the startup ecosystem by discouraging new ventures from choosing the UK as their primary base of operations.
Highlighting the mobility of modern business, Rigby noted that entrepreneurs have increasing flexibility in where they establish their companies. He suggested that fiscal policies must prioritize long-term growth and innovation over short-term revenue collection to maintain the country’s competitive edge. His comments mirror a broader sentiment among UK business leaders who are calling for economic stabilization as they await the official announcement from the Chancellor.
Follow-up Questions
What specifically does Rigby mean by a ‘boring budget’?
Rigby advocates for a budget characterized by economic stability and the absence of radical fiscal shifts, which he believes would allow businesses to focus on growth rather than navigating regulatory uncertainty
Why is capital gains tax a specific concern for startups?
Changes to capital gains tax are perceived as a direct impact on the profitability of new ventures, potentially discouraging long-term investment in UK-based startups compared to more tax-favorable international jurisdictions
Perspectives
Business Sector View vs Government Fiscal View
Story lens
Business Sector View
Business leaders like Rigby emphasize the need for fiscal stability to encourage investment. They argue that high tax burdens risk driving talent and capital to more competitive international markets, ultimately weakening the UK’s long-term economic innovation
Government Fiscal View
The government faces pressure to balance the national budget and fund public services. Policymakers often view corporate tax adjustments as a necessary lever for revenue generation, though this risks clashing with the private sector’s demand for growth-friendly conditions
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