The Spring Budget was announced last week, and according to the UK Government’s impact assessment, an additional quarter of a million (including 50,000 children) will be pushed into poverty.
The brutal welfare and disability cuts will hit many vulnerable people.
Leadership empowers others, lifts them, and helps those who genuinely can’t support themselves. Something distinctly lacking with today’s Governments and why Businesses and Community (in this case, the Public) should step up as the leaders we need.
Our problem is two-fold; the ability to create wealth (businesses) to reinvest in people and the economy, and pressure by the community (the public) on the government for more fairness as to how that’s spent.
The Wealth Debate: Nuances Not Extremes
There is an inequality in wealth in this country that needs to be addressed, better managed, and re-balanced.
Alongside the heated debate on Diary of a CEO between economist Gary Stevenson and Entrepreneur Daniel Priestley, we’re currently seeing a national campaign to tax the wealthiest hardest to help balance out the inequality.
Yes, we’ve seen the irresponsibility of wealth accumulation with a negative impact on workers, consumers, the industry and/or the environment.
Take for example, the utilities companies whose shareholders and owners are continually rewarded whilst delivering a shockingly bad and damaging service to the public and the environment.
The pandemic resulted in the biggest transfer of wealth we’ve ever seen. Decisions were made that have resulted in the inflation and cost of living crisis we see today.
Even Patriotic Millionaires UK, the wealthiest 6% of the country, support a net tax wealth on those with more than £10 million.
As a business owner, whilst this seems like a simple solution, I also agree with Daniel on his more practical points during the debate:
- Even if you think you’ll get the money, this is a short-term band-aid.
- Investing in businesses, particularly those that care about solutions and the opportunities they deliver, should be protected, not penalised.
- We need to get out of our comfort zone, break through limitations to do better, so we can help others.
We are no longer limited to structures that were designed to keep us contained, and right now, the creativity and problem-solving that people, businesses and organisations can provide is much needed to help solve some of our more complex problems and should be supported.
SMEs are the backbone of the UK, accounting for 99% of the business population, employing 60% of the workforce and generating 48% of turnover. The facts are it’s not easy to grow and thrive, let alone survive with so much restriction and taxation now being faced, whether you’re starting, building or established as a business.
Fairer Wealth Creation & Distribution
Money is not evil.
Money is fuel.
Money is the currency we use to help others.
From providing jobs, supporting businesses, supporting yourself, your friends, your family and your community. It fuels industries and creates the solutions we need.
What we’re seeing is a rise in business owners who want to make a positive change and meaningful impact. Consumers are choosing to actively support responsible companies with their purchases. Workers and employees are proactively looking to work for companies aligned with their own values.
Everyone should have opportunities and not be restricted in how much they can earn and their quality of life.
This includes business owners who take on the risk, stress and toll (physically, mentally, and emotionally) and untold sacrifice no one else sees. In many cases, they struggle for years, decades even, before they break through to success.
We need to work together, not against each other and ensure that we’re lifting others along the way.
The Truth We Need To Hear
- No one’s coming to save us. There is no quick fix to sort this all out. It’s going to take decades to turn this economy and country around.
- We need to stop putting blind faith in ‘leaders’ to sort this out and stand together to help ourselves.
- We forget it’s often the ordinary people who are doing extraordinary things.
For the record, I’m apolitical. I recognise that there are far more nuances involved here to be able to answer these problems effectively.
I put my faith in humanity, creativity and innovation found both in businesses and the public community, to take us through tumultuous times ahead and bring us back to better equality.
Time To Build From The Ground Up.
Unfair systems need to be broken down and rebuilt properly, fairly.
We’re seeing millionaires and billionaires leaving for tax-friendly destinations. There’s plenty of discussion around the state of the UK in comparison to other countries’ more aggressive policies and tactics.
We need to take a critical view of ourselves and the decisions that have left us with division and inequality. We need more humanity; be willing to listen, learn, collaborate and cooperate.
It’s also going to take confidence and collaboration.
The same post was shared across both Threads and X on UK pessimism compared to US optimism. The business owner felt unsupported in the UK, both with ideas, investment and vision. Each channel had a distinctive theme, as you can imagine – Threads (pro-British/anti-American), X (pro-American/anti-British).
All I was thinking was – GET BETTER FRIENDS!
Yes, the economic future is bleak. But when the chips are down, I choose Blitz mentality – resilience, creativity, strength, community….all with a side of inimitable British humour and optimism.
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