Uncertainty is putting the brakes on Britain, warns ad tycoon Sorrell
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Uncertainty holds back Britain: Ad tycoon Sorrell says companies won’t invest in UK until ministers restore confidence
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Companies will ‘go on strike’ and refuse to invest in the UK unless ministers restore confidence, says a leading British businessman.
Sir Martin Sorrell, the boss of digital advertising agency S4 Capital, praised the government’s goals to boost growth, but warned that uncertainty was slowing the economy.
Referring to the Chancellor’s mini-Budget, he told BBC Radio 4’s World at One: ‘I don’t think tax rates necessarily determine whether people invest.
Warning: Sir Martin Sorrell (pictured) praised government targets to boost growth, but said uncertainty was holding the economy back
“It is the certainty or uncertainty that makes them invest and the environment, partly as a result of his statement on Friday and what he said over the weekend that there may be other unsecured tax cuts, has added to the uncertainty.
“Uncertainty is the real problem and if governments can remove or reduce uncertainty, they stimulate investment.
‘If they increase it, and we have a huge communication gap right now – a kind of black hole in the field of communication – companies will just go on strike.’
Sorrell said the uncertainty would continue with parliament in recess, the Conservative party conference coming up and no forecast from the Bureau of Budget Responsibility until the end of November.