Despite the challenges posed by Brexit and tariffs imposed during Donald Trump’s presidency, Sir Richard Branson maintains that the UK remains an excellent environment for entrepreneurship.
Speaking at the inauguration of Virgin Group’s latest hotel in Shoreditch, east London, the renowned businessman emphasized that the business community will need to navigate “the complete uncertainty” created by the former US president’s tariff policies.
The 74-year-old entrepreneur also expressed to the BBC his desire to see London flourish for all following the UK’s departure from the European Union.
He stated: “I continue to believe this is a promising moment to start a business in the UK. If we, as business leaders, can help generate sufficient revenue for the nation, we could see taxes decrease over time.”
Reflecting on more than five decades since launching Virgin Records in the capital, Sir Richard described the UK as “truly special” and highlighted its status as “one of the few nations globally to maintain stability.”
Sir Richard remarked: “President Trump appeared taken aback when it seemed the world economy was on the brink of crisis.
“He discovered that aggressive tariff policies are unsustainable and had to reconsider his approach. Hopefully, he will adopt more measured strategies—but with him, unpredictability remains a factor.
“It is this unpredictability that has caused considerable disruption globally in recent months.”
James Bermingham, CEO of Virgin Hotels, added: “Londoners are renowned for their resilience, having weathered numerous crises over the decades.
“The city’s ability to rebound serves as a benchmark for others around the world.”
Regarding the potential introduction of a tourist tax in London, Mr Bermingham indicated he would endorse a “small, reasonable fee” so long as it is “guided by the industry, does not dampen demand, and aims to enhance the visitor experience and tourism overall.”
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