Never trust a man who gives himself a nickname. It’s a simple playground rule of life and one more of us should have remembered when our chum Gordon Brown declared himself ‘the friend of business’.
Well, if Gordy, via his new Darling, didn’t make it clear that you can count your real friends on one hand with his announcement to abolish taper relief, then the small business community certainly has in its response.
Entrepreneurs, lobby groups, the City, industry leaders, media commentators and, rather less surprising, the opposition have been united in their condemnation, like a schoolyard using collective force to rise up against a bully who’s got away with too much for too long.
I won’t bore you with my personal version of how utterly inept this policy is – let’s just conclude it’s the ultimate disincentive to both those that risk their homes to create and share wealth as well as to those that finance it.
Nor, while I could, shall I rant about Gordy’s farewell gift from No.11 of a 2% rise in corporation tax earlier this year. Let’s not even mention the government’s habitual obsession with squandering millions on quangos, reports, inquiries and schemes that have amounted to little more than a big fat pile of red tape that mostly impacts on guess which sector of society?
At least now it seems business has had enough. Like any marginalised group does in 2007 – well like any group does actually, but that’s beside the point – it’s started a Facebook protest group to vent its fury.
‘Entrepreneurs against the abolition of taper relief’ was started by entrepreneur Sarah McVittie, founder of Texperts.co.uk and Duncan Cheatle, organiser of business networking night The Supper Club.
They’re joined by some very recognisable and influential names – as well as some less so (like myself). They’re unanimous in their opinion, though:
“Labour has burned its bridges with me on this one”; “Will the last business in Britain please turn the light out”; “This tax hits me massively”; “The Labour Party cannot be trusted to support entrepreneurial businesses”.
The group is holding a flash event to discuss further action on Thursday. The Forum of Private Business has joined in by launching an online petition and today’s press is full of reports that business owners and investors are flocking to cash-in their assets before the change comes into force in April.
‘Entrepreneurs against the abolition of taper relief’ has almost 500 members at the moment. I’d wager it’ll have doubled by Friday. Doesn’t exactly suggest a friendsreunited reunion is on the cards, does it Gordy?
Matt Thomas
Editor, Startups.co.uk
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