British billionaire John Caudwell has come out in defense of entrepreneurs in a debate with one of the U.K.’s most senior socialist politicians, John McDonnell
has come out in defense of entrepreneurs in a debate with one of the U.K.’s most senior socialist politicians.
In an election campaign that has seen the U.K.’s opposition party borrow the anti-billionaire line popular among U.S. politicians on the left, the Labour party has McDonnell, who remains mostly sympathetic to the billionaire’s case, replies, “I applaud what you do. I’ve actually said I do pay tribute to … the entrepreneurs who create that wealth, who pay their taxes and act responsibly. But it is about having a fair taxation system as well.”
On tax levels, Caudwell is frank, arguing tax loopholes, rather than tax rates are the problem, adding that “50% is nothing to me if it’s fair.” But warning, “if somebody in Monaco is paying nothing, and then I’m going up from 40% to 45% to 50%” then there’s a problem.But Caudwell argued that Labour is destroying the U.K.’s confidence in itself and its entrepreneurs.
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