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Lord Leong (Lab)

Speaking in the House of Lords on 4 December 2024

Debate

UK Entrepreneurs

Contribution

I thank the noble Lord for his kind words. We have something in common in that we both founded our respective publishing companies in the 1980s, in the tail-end of the recession and through very challenging economic times. The difference is that he went on to build a huge business empire, compared with mine. There were definitely fewer funding rounds for start- ups in the last quarter. The age of FOMO—the fear of missing out—on investment, which caused a spike in the last couple of years, has to a certain extent come and gone. However, angel investment, such as EIS with tax rebates of 30% to 50%, remains robust and I am pleased that the Chancellor has now given certainty that this will stay in place until 2035. The Government’s new modern industrial strategy—

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