Warning: Homeserve founder Richard Harpin
A leading businessman has called on the Government to act in the upcoming Autumn Statement to reduce several ‘bottlenecks’ in the economy that he claims are holding back entrepreneurs.
Richard Harpin, the founder of home repairs business Homeserve, said business owners were ‘the fuel that drives our economy forward’ and Britain needed to ‘break out of the low-growth trap and set conditions’ to speed up growth.
Ahead of the Autumn Statement, set for November 22, Harpin said the Government should end a freeze on the level of turnover a company must generate before registering for VAT.
He described the level, which was frozen at £85,000 in 2017 and is not due to end until 2026, as a ‘cliff edge’ which encouraged businesses to cap their revenues when they should be given incentives that encourage them to aim higher.
Harpin, who made around £500 million last year when he sold Homeserve to a private equity firm for over £4 billion, has also called on officials to make it more attractive for firms to invest in the UK.
Other proposals include enhancing skills training for workers and expanding existing business loan and improvement schemes.
‘The impact of local entrepreneurs on GDP saw a one per cent reduction from the same period last year,’ Harpin said.
He added: ‘To reverse this trend, we must grasp the nettle and accelerate our ambitious vision for boosting UK entrepreneurship.’
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