Latest news with #JohnCaudwell
Telegraph
12-07-2025
- Business
- Telegraph
The Government should be encouraging Britain's philanthropists
We're in the final week of Wimbledon and midway through the Lord's Test Match, but another event with less fanfare but great significance took place in London this week. The Giving and Impact Summit was held at the London Stock Exchange on Tuesday with the aim of promoting, celebrating and inspiring philanthropy in the UK. Speakers included leading donors such as John Caudwell, Fran Perrin and John Studzinski, as well as Government Minister Stephanie Peacock. As part of the Summit, Dragons' Den star Deborah Meaden and TV personality Robert Rinder 'closed' the market, bringing trading on the London market to an end on a day celebrating philanthropy in the UK. The Summit provides an opportune moment to reflect on the state of giving in the UK and what more we can do to enhance it. The UK is a very generous nation, with over £15 billion given to charity last year. Large-scale public campaigns such as those run by Comic Relief and Children in Need engage a broad section of the public. At the higher end, there are fantastic 'big givers'; the philanthropists who topped this year's Giving List compiled by CAF and published in May, Suneil Setiya and Greg Skinner (founders of Quadrature Capital) gave away a staggering £134.9 million each last year. The UK has a fantastic history of charitable giving. As the UK and the rest of Europe recovered from the Black Death (1347-1450), the volume of charity increased. In London the resources devoted to charity increased 50 per cent in real terms between 1573 and 1597. Philanthropists started looking for solutions to social problems, whether social housing, education or help to start businesses. One of the leading lights was Dick Whittington (c. 1354–1423), a four-time Lord Mayor of London, who used his fortune to fund a wide range of charitable and civic projects. He financed the rebuilding of the Guildhall, improvements to drainage systems in poor areas and helped to establish almshouses. Several hundred years later, the Victorian era saw the emergence of socially conscious businesses. The likes of Unilever provided housing to their workers and placed a premium on looking after them. Present day Britain boasts some extremely generous philanthropists. This is a mixture of 'old money' and 'new wealth' from sectors such as property and finance. Still, large charities are reliant on the same pool of donors. Well-established multi-generational families, such as the Westons, Woolfsons, Duffields and Rothschilds, still carry too much of the burden supporting many charities. At the same time, a disappointingly low proportion of the super-wealthy and high earners engage meaningfully in philanthropy. In new research published for the Summit, Pro Bono Economics found that between 2020-22 most donors among the UK's top 1 per cent of earners made relatively small charitable donations of only around 0.2 per cent of their gross income or £52 a month. Furthermore, the exodus of many millionaires from the UK, as a result of changes to the tax system, is likely to have a detrimental impact on philanthropy. To unlock the UK's philanthropic potential, a number of strategic interventions are required. First, a dedicated match fund for philanthropy could dramatically increase charitable giving. Evidence shows people are 84 per cent more likely to donate when match funding is available. The UK should expand successful models like the Big Give to create targeted match funds for priority sectors. The Covid-19 Support Fund demonstrated this potential, where £20 million in government funding from the DCMS Community Match fund successfully leveraged an additional £20 million from private donors. Second, Gift Aid represents enormous untapped potential, yet its complexity means £560 million in eligible tax relief goes unclaimed annually. Simplifying the claiming process and better promoting these incentives could unlock significant additional charitable funding while reducing administrative burden for donors and charities alike. Third, wealth advisers serve as crucial gatekeepers to substantial philanthropic potential, yet philanthropy advice remains inconsistent and fragmented across the sector. The wealth management industry should systematically equip advisers with the knowledge and tools to effectively discuss philanthropic opportunities with their clients. Finally, the UK needs a cultural shift in how it regards philanthropy. While American philanthropists are celebrated as social heroes, their British counterparts often face scepticism or criticism. Creating a more positive narrative around philanthropic leadership would encourage greater giving and recognise the vital role philanthropy plays in addressing social challenges. Despite recent changes to the tax system, the UK remains an attractive destination for many international investors and philanthropists. The Trump administration's changes in the US, and its cuts in funding for the aid sector, may persuade some US philanthropists to seek a new base for their operations, and the UK is well positioned to benefit. After a year in office, Keir Starmer's Government remains committed to its five missions, encompassing the economy, energy, the NHS, crime and opportunity for all. All of these areas could be enhanced by philanthropists working alongside the public and private sectors to improve the lives of all citizens. Former Labour Prime Minister Tony Blair once spoke of heralding a 'giving age.' With the right moves, the Government can strengthen philanthropy in the UK and help deliver on its missions.
The Independent
07-07-2025
- Business
- The Independent
Labour billionaire donor ‘nervous' about Starmer and ‘hits out at winter fuel payments fiasco'
The most high-profile billionaire Labour party donor has revealed he is 'increasingly nervous' about the direction Keir Starmer 's government is taking. John Caudwell – who switched allegiance from the Tories – also hit out at Labour's winter fuel payments cut 'fiasco' as well as the welfare rebellion, declaring that the party has done a bad job at telling the right story to the electorate. The Phones 4u founder – who has a fortune of £1.58bn but has promised to give away more than 70 per cent of it – warned a wealth tax would be 'very destructive' to growth, as he called on ministers to do more to bring investment into the UK. The 72-year-old's comments come as Sir Keir is reportedly facing another rebellion from his backbenchers over reforms to support for children with special needs in England, just days after he was forced into the humiliating climbdown on benefit cuts. Mr Caudwell was previously a Tory backer for many years, donating £500,000 to the Conservatives ahead of the 2019 general election, making him one of the party's biggest donors. But for last year's election, he pledged to vote Labour for the time ever. However, Mr Caudwell has now said he is in 'despair of politicians', The Guardian reported. And despite being a prominent Brexit supporter, he said the urgent need to tackle the climate crisis is the reason he could never support Reform UK. He also called on Labour to do more on net zero, describing schemes such as Great British Energy as 'lacking in ambition', although he welcomed green energy plans that the party has implemented. He added that, despite his background in mobile phones, he fears social media and AI are a 'disaster' for anxiety and said he is worried for a future in which AI fakes become the norm. Speaking of Sir Keir's party, the businessman said: 'They're just going to be tossed from pillar to post, that's how it feels. I am becoming increasingly nervous about what Labour are doing and especially when they get into this mess over the welfare bill because it feels as though there's anarchy within the party.' However, he did say he welcomed some key changes from Labour, citing pension funds reform and planning changes. Speaking during the launch of a report from his charity Caudwell Youth, he continued: 'There seems to be a lack of that commercial intellect that we desperately need in government to make long-term right decisions... 'I despair of politicians in general. You've got to attract inward investment to create high-paid jobs and in technology, sciences and especially in the environment, since that's going to be the absolute future of mankind. 'There's so much we need to do and there's so little we do, and that was the Conservative party before and now it's the Labour party.' However, he insisted he did not regret switching allegiance. Mr Caudwell called on Sir Keir to be bolder in his second year leading the country. 'I'd be a bit like a [version of] Trump who's smart and who's humanitarian,' he said. 'And I'd force things through. You wouldn't do any of the same things [as Trump], but it is what we need.' However, he raised concerns that Nigel Farage would be 'too much of a Trumpite' if he ever became prime minister. Mr Caudwell said: 'That would not be healthy for Britain at all. But a lot of what he says makes a lot of sense to me. He's able to talk very directly to people's concerns.'
The Guardian
07-07-2025
- Business
- The Guardian
Billionaire Labour backer John Caudwell ‘nervous' about Starmer
Labour's most high-profile billionaire backer, who switched allegiance from the Conservatives, has said he is 'increasingly nervous' about the government's direction and is in 'despair of politicians'. John Caudwell, the Phones 4u founder, said Labour's winter fuel payments cut was a 'fiasco' and ministers were not doing nearly enough to attract investment into the UK. Speaking to the Guardian, Caudwell, who has pledged to give away more than 70% of his £1.58bn fortune, said a wealth tax would be 'very destructive' to growth. The businessman – a prominent Brexiter who backed the Conservative party for many years – said he could never support Nigel Farage's Reform UK because he was convinced of the need to tackle the climate crisis and urged Labour to be bolder on net zero. Caudwell was speaking at the launch of a new report from his charity Caudwell Youth, urging more investment in early intervention in the lives of disadvantaged young people – and a renewed focus on mental health. He said despite his own background in mobile phones, he believed social media and AI were a 'disaster' for anxiety and feared a world where AI fakes were the norm. Caudwell said he welcomed some key changes from Labour, including to pension funds, planning changes and green energy, though he said schemes such as Great British Energy could go further and were 'lacking in ambition'. He said Labour had been poor at telling the right story and the winter fuel saga and the welfare rebellion had been unnerving. 'They're just going to be tossed from pillar to post, that's how it feels,' he said. He added: 'I am becoming increasingly nervous about what Labour are doing and especially when they get into this mess over the welfare bill because it feels as though there's anarchy within the party.' Caudwell said he had repeatedly offered advice to Keir Starmer and Rachel Reeves, but had not received much interest in his ideas. 'There seems to be a lack of that commercial intellect that we desperately need in government to make long-term right decisions,' he said. He said he knew many wealthy individuals and business owners moving to Dubai or Monaco, and that the UK needed to become a more attractive place to invest. 'I despair of politicians in general,' Caudwell said. 'You've got to attract inward investment to create high-paid jobs and in technology, sciences and especially in the environment – since that's going to be the absolute future of mankind. 'There's so much we need to do and there's so little we do, and that was the Conservative party before and now it's the Labour party.' Caudwell said he did not regret switching his allegiance from the Conservatives, having previously donated £500,000 to them under Boris Johnson. 'I don't regret it. But do I regret some of the decisions they've made? Absolutely I do. And I think they could have done so much better,' he said. Senior Labour figures have suggested the party should introduce a wealth tax on rich people in the budget. The former Labour leader Neil Kinnock suggested on Sunday it was under serious consideration, saying a gesture 'in the direction of equity fairness would make a big difference'. But Caudwell said a wealth tax combined with other measures Labour had introduced would be a major disincentive for investors – even if he would personally be happy to pay. 'I would be very in favour of a wealth tax if it was global,' he said. 'The rich-poor divide is the evil of society and how do we fix that?' But he said that changes to agricultural property relief, changes to workers' rights, increases to the minimum wage and employers' national insurance was creating a more difficult climate for business. 'I think you can do some of those things, but you just can't do everything,' he said. 'You introduce a wealth tax on top of that and it just isn't going to work. I know people that are leaving as we speak. They're going to Monaco, they're going to Dubai. 'I bet 10 people in the last three or four months have said, 'Why don't you go to Dubai?' Well, I don't want to go to Dubai, I'm British, I love it here. I don't mind paying my taxes. 'I want to influence rich people to do more philanthropically and to pay taxes. A wealth tax would be very destructive on top. I don't say that because I'm trying to protect my money – because I'm giving it away.' Caudwell said Starmer should be bolder in his second year as prime minister. 'I'd be a bit like a Trump, who's smart and who's humanitarian. And I'd force things through. You wouldn't do any of the same things [as Trump], but it is what we need.' The businessman has previously been a guest of Farage on GB News and said the pair agreed on a lot of topics. But he ruled out backing Reform, calling Farage a 'climate sceptic' and said it was 'the most crucial thing we're facing'. 'I would be concerned that he's too much of a Trumpite … and that would not be healthy for Britain at all. But a lot of what he says makes a lot of sense to me,' he said. 'He's able to talk very directly to people's concerns.' Caudwell said he would continue to urge a focus on young people and how investment in prevention would save billions in the long run for the justice system and the NHS. 'I think social media is disastrous for people's mental health,' he said. 'AI is going to be completely disastrous. Even up until probably four or five years ago, if I watched a video, I'd know it was real. 'Now the kids are going to see this stuff, they're not going to have a clue what's real. And I think that's really worrying because our children are going to grow up in this fantasy world where they don't know right from wrong, fact from fiction.'
Daily Mail
27-06-2025
- Entertainment
- Daily Mail
Billionaire tycoon tells me the secret reason he refuses to marry beautiful girlfriend 29 years his junior... as Ewan McGregor reveals his very embarrassing star encounter: RICHARD EDEN'S DIARY
Were the comedienne Caroline Aherne still alive, she would, as TV's Mrs Merton, no doubt ask Modesta Vzesniauskaite: 'So, what first attracted you to the billionaire John Caudwell?' After all, at the age of 72, the founder of Phones4U seems an unlikely match for the beautiful Lithuanian cyclist 29 years his junior.
Bloomberg
26-03-2025
- Business
- Bloomberg
Billionaire Labour Voter Slams ‘Totally Wrong' UK Non-Dom Reform
One of the Labour Party's richest supporters has criticized the UK government's plan to reform taxes for affluent foreigners living in Britain, the latest sign of turmoil among the nation's wealthy elite. British billionaire John Caudwell said it was 'totally wrong' to scrap the so-called non-dom tax regime from next month. The decision is 'wrong financially for the country, and it was wrong from a fairness point of view' he said in a Bloomberg Television interview on Wednesday.
