Autumn Budget: Will Labour's tax hikes scare off tech firms?

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The UK's fast growing tech industry is
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sounding the alarm ahead of the November
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budget, warning that future tax
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increases could drive investors out of
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the country. Brent Hobberman, co-founder
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of lastminute.com and one of the UK's
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leading tech heavyweights, said VC firms
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are now actively considering relocation
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to Europe. He's concerned by talk of
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wealth tax and potential policy shifts
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to align capital gains tax with income
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tax. Hobberman described these measures
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as alienating, warning that efforts to
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target the rich could ultimately
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backfire. London, he said, is already
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seeing lower occupancy in some of the
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wealthiest areas as high netw worth
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individuals move abroad. Economists have
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raised similar concerns, saying the loss
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of non-doms and entrepreneurs could cost
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the Treasury over 12 billion pounds over
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the current parliament. At the same
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time, US UK tensions are resurfacing
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over Britain's digital services tax,
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which levies 2% on revenues from major
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tech platforms. Over 20 House
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Republicans have called on President
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Trump to push the UK to withdraw the
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measure or face the threat of new US
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tariffs. While the Treasury maintains
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the tax will remain until a global
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framework is agreed, business leaders
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warned that uncertainty over Britain's
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fiscal direction could undermine the
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ambition to become an AI and tech
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powerhouse. With the budget just weeks
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away, investors and entrepreneurs alike
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will be watching closely and how Labor
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balances fiscal responsibility with
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global competitiveness could define the
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UK's place in the digital economy. For
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more on the story, stick with
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cityam.com.
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Autumn Budget: Will Labour's tax hikes scare off tech firms?

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Autumn Budget: Will Labour's tax hikes scare off tech firms?

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