Wealthy investors are losing faith in the UK as a place to start a business and invest, and believe not enough is being done to support wealth creators, according to Wealth Club.

Its survey of individual investors, which was conducted before the November Budget, found that 64 per cent did not think the UK was a good place to set up a business, while 47 per cent felt it was not a good place to invest currently.

Furthermore, 79 per cent of respondents felt the UK did not do enough to support wealth creation and wealth creators, taking into account taxation alongside cultural and social factors.

Despite these concerns, around 30 per cent of wealthy investors said they felt wealthier than last year, while 38 per cent said they were about the same.

A third (33 per cent) of respondents said they were less well off than they were a year ago.

Wealthy investors were also found to be pessimistic about the current state of the UK’s economy and business outlook, with just 11 per cent believing the UK was an attractive place to set up a business, while 24 per cent were unsure.

Around one in five felt the UK was a good place to invest currently and 33 per cent were unsure.

“There’s no doubt that investors are feeling downbeat,” said Wealth Club founder and chief executive, Alex Davies.

“Many believe the UK is no longer a great place to start a business or invest, and that the country does little to support wealth creation and the entrepreneurs who drive it.

“This is a great shame – and should be a wakeup call for the government. It needs to do more than just say it understands how vital business and wealth creators are to the nation’s prosperity – it needs to take action.”

Davies noted that, despite the gloom, the majority of wealthy investors felt they were as wealthy or wealthier than a year ago.

Furthermore, he noted that the UK has many advantages over other countries when it comes to choosing where to start a business.

“You can register a company in minutes at Companies House, our bureaucracy is relatively light, and there’s a wealth of support available - from incubators to funding schemes,” he continued.

"Initiatives like the Enterprise Investment Scheme (EIS) and Venture Capital Trusts are remarkable.

“They are a fantastic source of capital for businesses whilst reducing risks and potentially amplifying returns for investors."

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