Brent Hoberman, the co-founder of Lastminute.com, has called on the UK to welcome more business founders from abroad to rejuvenate the economy in a speech at the City AM Awards ceremony at the Guildhall. He urged the government to introduce 'growth visas' to attract wealthy investors and reduce notice periods for employees to stem the 'exodus' of talent overseas.
Immigration and Economic Growth
Hoberman emphasized that the immigration debate is heated but argued that pulling up the drawbridge is economically insane. He noted that over half of the UK's fastest-growing companies were founded by immigrants and called for more ambitious founders to come to the UK, not fewer. He also urged resisting tabloid pressure on non-doms and making greater efforts to attract successful people.
Pro-Business Narrative Needed
Hoberman, who founded Enterprise Britain, a network of entrepreneurs, called on London's media, including incoming BBC director general Matt Brittin, to adopt a more pro-business narrative. He argued that ambition should not be seen as a dirty word and that a narrative of decline has gripped the country, with optimism about the economy lower than during the Winter of Discontent, Black Wednesday, and the global financial crisis.
The British Dream
Hoberman shared that all three of his children have left the UK for better opportunities in the US due to the American Dream. He expressed a desire for them to return and called for a British Dream that fosters more ambition, celebration of success, and less schadenfreude. He stressed the need to create culture and infrastructure to help British start-ups and scale-ups become global champions, adding that opportunities are there to be seized and time is running out.
