"We must back entrepreneurs, wealth creators, and risk takers": Impassioned plea to Chancellor Rachel Reeves from major West Midlands businessman

The UK is in an international competition for capital. At the Richardson family office we see this competition taking place on a daily basis.

During a recent visit to the World Expo in Osaka, it was clear that the Japanese have been putting their best foot forward by increasing their target for inward foreign

investment by 20 per cent to $840bn by 2030. This underscores not just Japan’s ambition, but the increasingly fierce global race to attract investment.

The Japanese government is looking to extend this target further - to go beyond $1trn by the early 2030s. That is bold and brave and exactly the kind of ambition we may care to pursue in the UK.

As an international investment business, with proud roots in the Black Country, Richardson has expanded our investment portfolio across the UK and into the world, currently holding investments in 27 countries. As such, we have witnessed first-hand what drives investor decisions across continents, and what the UK might consider when competing for capital in the future.

Britain has some strong advantages. As Winston Churchill outlined back in 1948, we are uniquely positioned in the world around the “three majestic circles” of the Commonwealth, US and Europe. 

Those advantages continue today. In 2025, our location and heritage give us a competitive edge and offer unparalleled gateways; not just markets, but networks and shared values stretching back over generations that few other countries can match.

So how does the UK emerge from this competition successfully?

Of course, we need to navigate some of the domestic challenges which we currently face. Only recently we heard the National Institute of Economic and Social Research asserting that the Chancellor will either need to cut spending or raise taxes this autumn to meet her own fiscal rules.

Yet there are also grounds for encouragement, and our approach to trade beyond our shores can be a major pillar in supporting the UK in this global competition.

The government has done much to encourage international trade, and to boost the strength of the UK’s relationships overseas, demonstrating a nimbleness in approach that should be applauded.

We have seen that in the free trade agreement that has just been signed with India.

We have seen it in the deal secured with the Trump administration in the US. And we have seen it too in the strategic partnership agreed with the EU and the UK’s admission into the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), of which Japan is a founder member.

We hope the government can now build upon these successes, to fulfil the ambitions set out in its new Trade Strategy. This includes securing even more growth-spurring trade deals with countries like Switzerland and South Korea as well as the Gulf Cooperation Council.

It has also been encouraging to see that senior ministers have ruled out the prospect of a wealth tax, which would hardly serve to attract talent and capital to the UK (though recent headlines on potential inheritance tax alterations may also serve as cause for concern, as inheritance tax is not widespread amongst many competitor nations.) 

Should we not aim to be a country on the side of entrepreneurs, wealth creators and risk takers, who ultimately are the ones who will support our public services?

A clear, balanced and predictable regulatory framework - one that promotes risk-taking without stifling innovation - is also essential for fostering entrepreneurship and attracting bold new business ideas as they become reality. We have been encouraged by the government’s recent actions on this, including the announcements at the Chancellor’s

Neither government nor business can succeed in a vacuum. Nine in ten respondents to a recent poll see the government working with the private sector to create a strong, pro-business, pro-investment environment as important. That is something we are sure the Chancellor will take heed of because a government which supports businesses is one which allows them to flourish.

The upcoming Budget represents as much of an opportunity as a challenge. It provides a chance to give British businesses the official backing to do what they do best – to develop and commercialise their ideas and harness the capital to drive the growth this country needs.

It is our hope that the government can foster the conditions to allow businesses to grow and thereby provide prosperity for all.

* Carl Richardson is a partner in West Midlands-based family business Richardson. Founded more than 70 years ago, it operates an international real estate and growth capital portfolio.

What do you think? Have your say in the comments below.