I own businesses in the UK and employ scores of people, while I have invested and continue to invest millions. I am a British passport holder, was born in Britain, I have family there and, who knows, I may well come back in the coming years – still no vote though.
Yesterday I read David Cameron’s contradictory statement that a “no” vote could result in a rise in interest and, of course, mortgage rates. I hopped on Twitter and got some interesting comments back. That word “could”, a non-word, is being used a lot during this EU debate isn’t it, along with its cousin, “should”. Surely if interest rates rise, that is to calm the economy; so, if interest rates rise that would mean the economy is doing well, in the post Brexit era? I have also read that there are more savers than mortgage holders in the UK. So, after years of savings earning nothing in the UK, a rise in interest rates may well be a good thing for many more people than being a bad thing. It will also encourage investment in the pound, and draw cash to the UK. Assets will appreciate and the economy, if managed correctly, will be stronger. Of course, I guess “Project Fear” will be targeting those hapless individuals who have borrowed more than they should due to extremely low interest rates and cause chatter. I wonder though if there are enough people who realise, and are talking about, the benefits to higher interest rates. I also read about “isolationism” as something which is of no benefit to the UK. That’s interesting when you consider Great Britain had the biggest empire the world has ever seen, English is the language of business globally, and the British influence is in almost every corner of the planet. That is not due to being in the EU now is it?
I still believe Great Britain can become a global powerhouse as a standalone economic leader.
We speak the international language of business, we have fantastic infrastructure, we have many of our own natural resources and we have a pool of talent unsurpassed in the world. The UK is also a great new age development country, very attractive for investment with our corporation tax rules, and with other changes it could become the hub for global investment. I am a huge advocate of such things as scrapping inheritance tax, paying annual fees to trade instead of draconian corporation tax laws and, indeed, encouraging set-up of offshore companies right there in the UK. The UK can become the most respected offshore business hub in the world. It would be managed properly, with correct due diligence and potentially mean the end of the shady world of existing offshore tax havens as highlighted by the Panama Leaks. What an opportunity, let’s grab it, vote to make Britain great once again. Richard Upshall is an entrepreneur and executive chairman of OES Oilfield Services Group. He also heads up the RU group of businesses.
We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept”, you consent to the use of ALL the cookies.
This website uses cookies to improve your experience while you navigate through the website. Out of these cookies, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may have an effect on your browsing experience.
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.