Month: July 2024

With polling stations set to open in less than 24 hours, Wealth Club, an investment platform for affluent and sophisticated investors, has unveiled its inaugural ‘British Wealth Report.’
The survey sheds light on the current sentiment of the UK’s wealthiest individuals regarding wealth creation, tax policies, and the attractiveness of the UK as a business hub.
Nicholas Hyett, Investment Manager at Wealth Club, highlighted the stark findings: “The UK has an image problem. Wealthy investors view the country as an unappealing place to start a business, citing a culture unsupportive of wealth creators and burdensome taxation. These individuals are crucial to the UK economy. The top 100 earners contribute an average of £46 million in tax each, while the highest-earning 100,000 cover a quarter of the total income tax and capital gains tax bill, despite representing just 0.3% of UK taxpayers. This data, obtained via a Freedom of Information request to HMRC in November 2023, underscores the importance of changing this group’s perception of the UK.”
The report reveals significant dissatisfaction among high-net-worth individuals (HNWIs):
Wealth Creation: 55% feel the UK does not support wealth creation or creators. 42% consider the UK an unattractive place to set up a business, and 31% are more inclined to leave the UK for financial reasons compared to 12 months ago.
Economic Outlook: 81% believe the UK is in a worse economic state than five years ago, with only 12% seeing improvement. For the future, 45% expect moderate or significant economic growth, while 11% foresee a decline. Additionally, 78% anticipate lower interest rates next year, and 19% expect them to remain the same.
Taxation: 60% predict tax increases regardless of the election outcome, and 37% expect tax hikes only if Labour wins. A striking 83% foresee a higher personal tax burden in the next 12 months. Meanwhile, 24% feel poorer than a year ago, and 27% feel wealthier. The current taxation rate is deemed too high by 71%, just right by 22%, and too low by 7%. If given the choice, 42% would cut inheritance tax.
Investment Sentiment: Only 32% see the UK as an attractive investment destination, though 39% believe the UK stock market will rise next year. The US stock market is viewed as the most attractive by 47% of HNWIs, followed by UK Smaller Companies (41%), while only 25% find large listed UK companies appealing for investment.
As the Labour Party, the anticipated winners of this election, position themselves as proponents of growth and wealth creation, they face the challenge of improving the UK’s appeal to investors and entrepreneurs. The next edition of the ‘British Wealth Report,’ due at the end of the year, will reveal whether the new government has managed to enhance the UK’s business credentials.
Read more:
Wealthy Britons disillusioned with UK’s business environment, survey reveals

Sustainable Ventures, Europe’s leading climate tech hub, has committed nearly a quarter (23%) of its investments to entirely female founders, a figure 12 times higher than the global industry average of 1.8% for female-founded teams in Europe in 2023.
This significant milestone was disclosed as Sustainable Ventures celebrated its 50th investment. Notably, two-thirds (65%) of its investments have gone to startups with female or underrepresented co-founders.
Since 2017, Sustainable Ventures has invested over £9 million at the pre-seed and seed stages into 50 climate tech startups. These companies have collectively raised an additional £160 million and are now valued at over £600 million. The portfolio includes innovative companies like Albotherm, which develops temperature-responsive technology to reduce emissions from thermal management, and RovCo, a provider of subsea robotics.
In contrast to the broader UK startup ecosystem, where only a third of venture capital funding goes outside London, more than half of Sustainable Ventures’ portfolio companies are based outside the capital.
The latest investment by Sustainable Ventures went to Radiant Matter, a materials startup creating shimmer and colour effects from plant-based cellulose. Radiant Matter aims to assist manufacturers and brands in moving away from microplastics and toxic colourants, with clients including Stella McCartney and Been London.
Sustainable Ventures focuses on companies with outstanding founders, compelling intellectual property, and a strong climate impact. The investment team attributes its success to a strong selection process and a unique support model, concentrating on core technologies in software, hardware, and materials, and ensuring a diverse founder mix.
Hardware or advanced materials climate-tech solutions comprise about two-thirds of Sustainable Ventures’ portfolio, with university-backed startups becoming increasingly common.
Stuart Ferguson, Investment Partner at Sustainable Ventures, explained, “Our investments outperform the market due to our rigorous selection process and comprehensive support model. We seek diverse founders who can solve critical net zero challenges, and we avoid investing in formulaic, copycat companies without a sharp commercial focus.”
He added, “Our investment team consists of ex-founders and ex-engineers who understand the needs of entrepreneurs. We focus on the potential of founders and support them in developing into future leaders. Our diverse portfolio of successful technologies and brilliant founders benefits from Sustainable Ventures’ extensive support ecosystem. We are excited to continue backing the next generation of diverse founders through our next 50 investments.”
Elissa Brunato, Founder and CEO of Radiant Matter, said, “Radiant Matter is thrilled to partner with Sustainable Ventures, whose values and commitment to climate tech align closely with our own. Their extensive experience will be invaluable as we grow and expand our material platform technology. Their dedication to supporting all founders, regardless of gender, strongly validates our vision and potential. Together, we can significantly impact the materials industry.”
Read more:
Sustainable Ventures invests 12 times more in female-founded startups than industry average

In this exclusive Q&A with Seb Robert, the founder of Gophr, Business Matters magazine delves into the journey behind the innovative courier service that’s redefining same-day delivery.
Seb shares the inspiration sparked by the early days of smartphone apps like Hailo and his frustration with unreliable couriers, leading him to create a solution that places people at the center. From his admiration for pioneering figures to his candid reflections on mistakes and the core values that shape his business approach, Seb offers valuable insights for aspiring entrepreneurs and industry veterans alike.

What was the inspiration behind Gophr?
“Remember Hailo? It’s now been acquired and overtaken by the likes of Uber but back in 2011, the black cab app gave a glimpse of what was possible with smartphones – that ability to match up customers with a service. It was before its time but was a sign of what was to come.
“I was also so frustrated by the lack of good courier experiences. There were no good, reliable couriers. It was crap. Things getting lost, late, having no idea when they were going to arrive. Eventually, I got so frustrated that I decided to sort it out myself and take on a fundamentally broken system to develop something better.
“Problem was, I had no experience in the world of delivery. My background was in music and media. So I had to get to work on researching – from the perspective of the client, the courier and the customer – talking to as many people as I possibly could. I even got on the bike myself to see what it was really like as a courier.
“Then I took those learnings and experiences and used them to inform what Gophr would look like. And it still leads us to this day.”
Who do you admire?
“Jonas Salk – an American virologist and medical researcher who developed one of the first successful polio vaccines whilst overcoming many hardships to do so.
“Then there is Tim Berners-Lee – best known as the inventor of the World Wide Web. Talk about changing the world!
“And also, Frederick Banting & Charles Best – the discoverers of insulin.”
Why?
“These people all had a profound effect on the world and ultimately made it a better place to live in – It’s not every day that we get to see that happen. I think that anyone who creates something truly groundbreaking and then gives it away for free for the good of humanity is worthy of anyone’s praise.”
Looking back, is there anything you would have done differently?
“I think I could write a dissertation on everything I’ve done wrong. I probably read 10 times as much as I could write on mistakes other people made that I still ended up making myself anyway so I guess there’s simply no substitute for experience.
“Other than that, nothing frankly, as life has a way of teaching you by pressing you on your weak spots and there’s no amount of anyone telling you, that’s going to be as effective as the pain of taking that rake to the face.”
What defines your way of doing business?
“Aiming to be trustworthy, principled, competent and kind whenever possible is within everything that we do. There are times when you are forced down roads you’d rather not go down because not everyone is aligned around those principles or others have their own rules in place that don’t allow you to follow the vision you want to deliver. But that’s life.”
“When it comes to our mission, we want to reimagine same-day delivery to make it work better for everyone involved; more efficient for businesses, more convenient for their customers, and more profitable for couriers. The delivery business, particularly last-mile, is still a people business and we put people at the centre of everything we do.
“We have built the Gophr business model around professional couriers and thinking about what we can do to make their lives easier. The quality of the courier is crucial. Just because you have a bike, a van or a car doesn’t mean you’ll make a good courier. You need that specialist knowledge, you need that personal touch (the doorstep experience is something that we pride ourselves on) and you need the right attitude.”
What advice would you give to someone starting out?
“Know the space you’re getting into! And know your plan inside out.”
“I didn’t have any previous experience in the courier industry so I started by getting introductions so I could get a sense of how the industry works. I tapped up friends, family, acquaintances, and even some enemies. Just to get an in. To get into the reeds and find the sweet spot where my idea could make a difference.
“And be really clear and super detailed about what the destination is from the outset. And make that very clear to everyone you’re getting involved. You don’t need to be prescriptive about how you get there, just what the destination is.
“And also take your time. The window of opportunity to launch your business is open longer than you think. If you have a shit hot idea, then you can afford to take your time, do your homework and then when you launch, you’ll have an even better chance of success.”
Read more:
Getting to Know You: Seb Robert, CEO & Founder of Gophr

As the General Election approaches, parents of children with special educational needs and disabilities (SEND) may encounter financial strain if Labour’s proposed policies take effect.

HCB Solicitors, experts in Education Law, urge families to apply for an Education, Health and Care Plan (EHCP) as soon as possible to protect their children’s education and avoid potential costs.

Labour’s manifesto includes plans to remove VAT exemptions for private schools, impacting families, especially those relying on private education for SEND children. If this policy is implemented, private schools may add a 20% VAT on current fees, potentially costing families an additional £3,800 per year. However, Labour have made clear that those pupils with an EHCP will be exempt from this VAT increase, ensuring their fees remain unaffected.

Labour have also recently indicated that private schools should look to avoid passing this VAT increase onto parents, although it is unclear how this can be achieved with many smaller schools having minimal to no profit and several more specialist independent placements holding charitable status.

Many parents choose private schools for their SEND children due to their smaller learning environments. Without an EHCP, families might struggle with higher costs, risking disruptions to their child’s education.

There is a wide spread perception that it is ‘impossible’ to obtain an EHCP, which has further encouraged families to simply pay for the school, rather than try to access support through the EHCP route. This perception is often the result of misinformation shared through local authority SEN teams and distilled into mainstream schools.

According to the Independent Schools Council (ISC), 111,154 SEND pupils are in private schools, yet only 7,646 have EHCPs. EHCPs ensure local authority support for private school funding and exempt families from the additional VAT charges.

Potential VAT changes could spike EHCP applications, straining the already overwhelmed SEND Tribunal. HCB Solicitors urges immediate action for those needing EHCPs to mitigate financial impact and protect their child’s educational future.

Ed Duff, Education Lawyer and Director at HCB Solicitors said: “This change to the education system could have huge ramifications for families of children with special educational needs. Many have taken the decision to place in smaller independent schools because their children could not cope in mainstream education. This increase in costs is highly likely to affect those children and families.

Read more:
Parents face potential £3,800 increase in bill to support children with special educational needs under Labour government 

Rupert Murdoch’s Fox Corporation has introduced its ad-supported streaming service, Tubi, to the UK market. This new entry aims to rival popular platforms such as Netflix, Disney+, ITVX, Channel 4’s streaming service, and BBC iPlayer.
Tubi launches with an impressive library of over 20,000 films and TV episodes, featuring content from major studios including Disney, Lionsgate, NBCUniversal, and Sony Pictures Entertainment, alongside its own original productions. Among the highlights are The Twilight Saga starring Robert Pattinson and Kristen Stewart, the horror film Candyman, and the Tubi original reality series House of Heat.
Anjali Sud, the chief executive of Tubi, stated: “Tubi has spent the last decade honing our approach to vast, free, and fun streaming in North America, and we feel that now is the perfect time to bring that recipe to UK audiences. Most importantly, we’re committed to listening to what resonates with UK fans, and bringing them more and more of what they love.”
Fox reports that in the US, Tubi boasts 80 million active users and has tied with Disney+ in terms of total viewing time. The UK offerings will also include films like Olympus Has Fallen starring Gerard Butler, the Adam Sandler comedy Happy Gilmore, and the horror-comedy Happy Death Day. British content includes episodes of Great British Menu, The Secret History of the British Garden, Paul Hollywood’s Pies & Puds, and Mary Berry’s Foolproof Cooking.
The competition in the streaming service market is fierce, with companies battling for market share amidst heavy losses and a cost-of-living crisis affecting consumers. During the Covid pandemic, streaming services surged in popularity, prompting companies like Netflix, Disney, and Apple to invest billions in high-budget shows to attract subscribers. However, as growth has slowed, these companies are now focusing on cost-cutting measures and striving for profitability.
Sport and live events have become crucial for media companies, with Netflix set to stream WWE wrestling and Disney planning to offer live sports from its ESPN network.
Tubi remains committed to its “100% free ad-supported model” with a “low ad load.” This stands in contrast to other streaming services that have introduced lower-cost ad-supported tiers in the race for subscriptions.
In related news, Murdoch’s right-wing news channel TalkTV announced it would cease television broadcasting after two years and transition to an online-only format over the summer.
Read more:
Rupert Murdoch’s Fox Corporation launches Tubi to challenge Netflix in UK

Nurseries and garden centres in Britain and Europe are raising alarms over the inefficiencies of new post-Brexit border posts, which are causing delays, damage, and significant extra costs for plant importers.
The Horticultural Trade Association (HTA), representing 1,400 UK garden retailers and growers, along with several European trade bodies, has penned an open letter urging immediate action to address these problems. They warn that the new border system, introduced in April, is adding over 25% to import costs.
The HTA reports that these checks have caused substantial delivery delays at the border, sometimes lasting up to 44 hours. These delays not only increase the risk of pests and plant diseases entering the UK but also result in significant financial burdens. For instance, one haulage company recorded 93 hours of driver waiting time in the first week of the new checks, incurring an additional £38,000 in pay. This company projects a £1.5 million increase in logistics costs over the next year, a 25% rise.
The new rules require specific plant and animal products entering the UK from the EU to be inspected at border posts near British ports. Previously, inspections were conducted randomly upon arrival at nurseries. The inefficiencies of the current system are highlighted by a recent incident where three trailers of plants were held for 44 hours due to a software glitch, causing most of the plants to wilt and be rejected by the end customer.
Signatories of the letter include the International Flower Trade Association, representing 80% of the global trade value of flowers and pot plants, and VGB, the Dutch floricultural wholesaler association. They stress that the costs of border inspections are making trade unviable for many small businesses, with some providers facing an additional £1,740 for mixed loads of plants.
Post-Brexit regulations categorise plants for planting as high-risk, subjecting them to more stringent checks than medium-risk items like meat and dairy. Importers argue that the border posts are inadequately equipped to handle large quantities and sizes of plant imports, leading to further delays and increased costs.
Previously, plants were held under controlled conditions at nurseries and farms before being inspected by government officials. Now, inspections are conducted almost exclusively at border posts. The government asserts that these measures enhance biosecurity by preventing harmful diseases from entering the country. However, the letter raises concerns about the quality of inspections, suggesting that some checks are superficial and that there is insufficient communication about the inspection results to end customers.
One example cited involves a load of 50 mature olive trees, known hosts for the bacterial disease Xylella fastidiosa, where checks were abandoned due to unloading difficulties. The customer received no information on the inspection’s status, raising biosecurity concerns.
The government has responded by stating it is working with traders to ensure efficient and swift completion of checks and has published guidance to help companies reduce delays. It assures that inspections are conducted by fully trained staff following standard operating procedures.
Additional signatories to the letter include the European Nurserystock Association, Royal Anthos (Dutch Association for Nursery Stock and Flower Bulbs), VBN (Dutch Flower Auctions Association), and Transport en Logistiek Nederland (Dutch Transport & Logistics Association).
Read more:
Post-Brexit Border Delays Threaten UK and EU Horticulture Trade, Industry Leaders Warn

The head of the world’s most valuable pharmaceutical company has criticised the UK’s planning system, claiming it deters investment.
Dave Ricks, CEO of Eli Lilly, an obesity drug manufacturer, has said that the current planning processes in the UK are a significant barrier to building factories quickly, unlike in the US and Ireland.
Ricks revealed that over the past decade, he considered establishing a factory in the UK but opted for another country due to the UK’s cumbersome planning procedures. “Mostly what they do is they pre-reserve land, they promise to cut through the red tape and layers of government,” Ricks explained, contrasting the UK’s approach with more streamlined processes elsewhere.
Eli Lilly, along with Danish competitor Novo Nordisk, leads the pharmaceutical industry in obesity medication, producing high-demand drugs like Zepbound and Mounjaro. The company is struggling to build factories quickly enough to meet the surging demand.
With operations in the US, Ireland, and several European Union countries including Italy, France, and Germany, Ricks emphasised that countries offering reduced setup times for pharmaceutical plants—from five years to two—are particularly appealing. “In the UK—although I love visiting, it’s a wonderful country—it’s not the largest market, so you have to overcome that with other attractiveness, whether that be workforce, asset delivery or economic incentives,” he noted.
Ricks urged the UK to enhance its competitiveness, stating, “You have to be candid, say ‘are we as competitive as we can be?’ And to date, it’s been a little bit less, but I think it’s not unachievable.”
Both major UK political parties have pledged to address planning laws in their manifestos. The Conservatives aim to “simplify the planning system,” while Labour has promised to reform it if they win the upcoming general election. A Labour spokesperson criticised the Conservatives for 14 years of indecision, which they claim has let down the UK’s life sciences sector. They added, “Labour has a plan for growth, including a new industrial strategy, and the UK’s life sciences sector is at the heart of it.”
The Conservative Party has been contacted for comment.
Changes to planning laws are seen as crucial for boosting economic growth. The strength of the UK economy has been a central issue in the election campaign, with growth having been subdued in recent years. Ricks indicated that the UK remains a potential site for a new manufacturing facility, urging the next government to focus on becoming “world-class” in attracting investment.
“It’s a competition,” he stated. “You have to make it easier and faster for companies to make that choice.”
A Liberal Democrat spokesperson echoed these sentiments, criticising years of Conservative mismanagement for undermining business confidence and missing investment opportunities. “We would develop an industrial strategy to foster a stable business environment with smart regulation to give firms the certainty they need, and overhaul the broken business rates system to boost our manufacturing industry,” they said.
As the UK grapples with the need for economic revitalisation, reforms to the planning system could play a pivotal role in attracting critical investments from global companies like Eli Lilly.
Read more:
UK Planning Laws Hinder Investment, Warns Eli Lilly CEO

Vast salt caverns designed for hydrogen storage are set to be excavated beneath Britain’s largest former naval base, Portland Harbour in Dorset, as part of a strategic plan to bolster the country’s energy security.
The project involves creating 19 caverns, each the size of St Paul’s Cathedral, which will store enough hydrogen to fuel a power station for several days. This hydrogen reserve will be crucial for emergency use, providing energy when renewable sources like wind and solar are insufficient.
Claire Coutinho, the Energy Secretary, has endorsed the scheme and adjusted the Government’s hydrogen storage business policy to secure taxpayer subsidies for the project. UK Oil and Gas (UKOG), the company spearheading the initiative, aims to seek planning permission within months.
Stephen Sanderson, CEO of UKOG, plans to file the application under the Government’s nationally significant infrastructure system, which would allow the project to bypass potential local opposition. “Portland Port is ideally situated for the construction of large salt caverns as it overlies a 450-metre thick, high-quality rock salt,” said Sanderson.
Sanderson has held meetings with key figures from the Department for Energy Security and Net Zero, including Secretary of State Claire Coutinho, Lord Callanan, Minister for Energy Efficiency and Green Finance, and Graham Stuart, Minister for Energy Security and Net Zero.
Portland Harbour, located in Weymouth Bay on England’s south coast, has a rich history as a naval base dating back to the 16th century under Henry VIII. It became one of the Royal Navy’s largest bases until its closure in 1995 and now serves as a significant harbour and training centre for the UK’s Olympic sailing teams.
The harbour’s new role in hydrogen storage relies on a substantial layer of halite or rock salt found two miles beneath the surface, buried for at least 200 million years. This rock’s stability and solubility make it ideal for creating the storage caverns.
Matt Cartwright, UKOG’s commercial director, explained that the caverns would be formed by drilling wells into the salt and injecting fresh water to dissolve the rock. The project will be managed by UK Energy Storage, a wholly-owned subsidiary of UKOG.
Each cavern will measure 85 metres in diameter and 90 metres high, with a capacity of 320,000 cubic metres—twice the volume of St Paul’s Cathedral.
UKOG is transitioning from its controversial involvement in onshore oil and gas developments in southern England to a future focused on renewable energy. Despite its ongoing court battles over oil and gas fields in the Weald and Purbeck areas, the company won the right to drill in the Loxley gas field near Horsham, Surrey, with production expected to start next year.
A UKOG spokesperson emphasized the company’s strategic shift, stating, “We are moving away from oil and gas and see a much bigger future in renewable energy.”
This ambitious hydrogen storage project marks a significant step towards ensuring the UK’s energy resilience, particularly as the nation transitions to more sustainable energy sources.
Read more:
Vast Dorset salt caverns to store hydrogen under former Royal Navy base