Starmer is driving Britain into ‘irrelevance', warns healthcare boss

Yahoo

08-02-2025

Sir Keir Starmer is driving the UK into 'irrelevance', the boss of one of Britain's fastest-growing healthcare companies has warned.
Dan Vahdat, chief executive of global healthcare firm Huma Therapeutics, said years of high taxes and a permanent aversion to risk had made the UK an increasingly uncompetitive place to do business.
Huma, which worked with the NHS during the pandemic to help monitor Covid patients at home, is one of dozens of technology 'unicorns' in Britain – a start-up with a value of more than $1bn (£800m).
However, Mr Vahdat said he was spending increasing amounts of time in the US, where Huma has announced a tie-up with pharmaceutical giant Pfizer.
Mr Vahdat said the world's biggest economy had a better work ethic and deeper pots of cash to grow his business.
The entrepreneur said he knew dozens of people who had left or were planning to leave the UK because of changes to Britain's non-dom regime, reforms that were started by the Tories and but deepened by Labour.
He also rebuked Rachel Reeves's decision to increase business asset disposal relief to 18pc in 2026, which he said would discourage people from setting up new businesses.
'It started under the Conservatives but then obviously the new government changed it even more which has led almost everybody that I know – entrepreneurs and executives – saying they will leave by April this year because of inheritance tax.
'And that's not good. Because if you are in a place where all the executives are leaving, nobody else will want to come.'
The Iranian-born entrepreneur also warned the Prime Minister that the UK could quickly be left behind in the AI race unless it sent a clearer message that Britain was open for business
Mr Vahdat said: 'We cannot miss this, because if we miss this, we'll close our eyes and open it 10 years later and be so far behind.
'I have seen how a great country can go from all to nothing with my own eyes. From Egypt to Persia to the Ottoman Empire, they were all the greatest places. And now they're irrelevant. The UK has all the great foundations, including the talent, but every year we lose out, we lose more and it gets harder to bounce back.'
Mr Vahdat said he remained loyal to the UK because it gave him a platform to set up a business.
However, asked where he would list his company if given the opportunity today, Mr Vahdat said: 'From how things look like today, there isn't any point for us to list in the UK.
'Number one, it's the mindset of investors in the UK. They prefer dividends and to play it safe, they prefer low multiples. If you go and tell them I want to build the biggest healthcare company in the world they will laugh at you.
'But as laughable as it is, if that person doesn't give up, they may succeed and that is what the US is great for.'
Broaden your horizons with award-winning British journalism. Try The Telegraph free for 1 month with unlimited access to our award-winning website, exclusive app, money-saving offers and more.