British entrepreneurs consider emigration

British entrepreneurs are considering moving away from the UK to countries with more favourable tax rates for successful businesses.

Research from Investec and the Entrepreneurs' Organisation (EO) has demonstrated that only 17 per cent of entrepreneurs believe that the UK is an attractive place to launch new business.

While an impressive 88 per cent were confident that revenue from UK business would increase in 2010, many indicated a desire to emigrate and transfer their money and their business abroad.

Ed Cottrell, from Investec commented: "It would appear that they [entrepreneurs] feel there is considerable room for improvement in the overall regulatory and tax environment in the UK.

"These people will be key to helping the country recover from the recession, so it is alarming to see many considering moving their operations abroad to more favourable environments."

Switzerland has always been a popular European location for wealthy businesses, with an advantageous tax system allowing those in the highest income bands to keep more of their profits.

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Posted by Chris Barber