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Date
30 June 2015

Mishcon Thinks: Explosive Growth: does the UK government support explosive growth?

Does the UK government support explosive growth? Partner Kevin McCarthy ponders being prime minister for a day, outlining how the government can do more to support explosive growth businesses. 

Transcript

Mishcon Thinks: Explosive Growth: does the UK government support explosive growth?

Michael Hayman MBE
Seven Hills

Is this category of business well supported?

Kevin McCarthy
Partner, Mishcon de Reya

I think it is. I think the UK business culture is one which has always worked with and fostered entrepreneurs and I think that hasn’t changed and therefore there is undoubtedly a mind-set within this country to focus on and foster and help entrepreneurs along the way and I think therefore not just the companies and the owners themselves but also the whole network that goes with these businesses is geared towards that.

Michael Hayman MBE
Seven Hills

Right but if I was to make you Prime Minister for the day Kevin, what would you do to support these sorts of businesses?  What more could be done to actually make explosive growth businesses more successful in Britain today?

Kevin McCarthy
Partner, Mishcon de Reya

Well, Prime Minister for the day is a daunting thought but focussing on that particular issue, I think that we hear from our clients, from our companies who are within this sector, from the companies in the Elite 100, what they are saying is there are two big issues which are really impacting on them.  One is the tax landscape and how that is and how that might change.  Also there is the immigration framework.  They want to be able to look overseas, bring the right people in with those skill sets and add them to the melting pot of what they need for their company going forward.

Michael Hayman MBE
Seven Hills

Right.

Kevin McCarthy
Partner, Mishcon de Reya

So that’s two hugely important areas.

Michael Hayman MBE
Seven Hills

And are you optimistic this sort of business, this explosive growth business – is it going to sort of take root in Britain?  Are we going to see a great many more of this type of business growing and being much more successful in the UK?

Kevin McCarthy
Partner, Mishcon de Reya

I think the answer to that question is an undoubted yes.  Britain has always had its entrepreneurs, has always had people who have built business, taken chances and the mind-set here and the framework that we have here is geared towards that.  So I think it’s here, we see it already, we have young graduates who are not looking to older businesses, they are looking to do something different and this is what appeals to them and that’s not going to change.  So yes it’s here and it’s here to stay.

Mishcon de Reya