When the previous administration appointed Lord Alan Sugar as ‘New Business Tsar’ widespread controversy ensued. Tasked with advising the government on all matters to do with small business and enterprise, Lord Sugar immediately alienated the people he was meant to be representing, by claiming that struggling small business owners were ‘whiners’.
Lord Sugar has again been making a number of controversial comments since David Cameron’s Coalition began their term in office. The Apprentice star slammed Cameron’s plans to increase Capital Gains Tax, explaining that this policy will have a devastating impact on company formation and small business alike.
Lord Sugar was not placated by the fact that the government have promised to exclude all ‘entrepreneurial activities’ from the tax increase. In fact he claimed that the government’s refusal to give more details on what will be defined as an ‘entrepreneurial activity’ was at best misleading and at worse damaging.
Lord Sugar isn’t the only business expert who has expressed concerns about the impact raising Capital Gains Tax will have on enterprise in the UK. Earlier this month the British Chamber of Commerce also published a statement outlining their fears that raising CGT will stunt the UK’s already fragile economic recovery.