In a stark critique of the current political landscape, jewellery entrepreneur Kiki McDonough has highlighted a concerning trend: the apparent absence of business experience among Cabinet ministers. Drawing from her own four-decade journey building a global jewellery brand from scratch, McDonough questions whether today's environment would allow such entrepreneurial success to flourish.
The Vanishing Entrepreneurial Spirit
McDonough recalls the dynamic atmosphere of the mid-1980s, when Margaret Thatcher's government actively encouraged risk-taking and enterprise. "It felt like the sky was the limit," she writes, contrasting this with what she perceives as a diminished entrepreneurial spirit in contemporary Britain. This sentiment is reinforced by her personal observation of six young people who have recently left the country, four of whom were business owners now residing in the US, Portugal, France, and Italy.
"These young people are our future and we need them here," McDonough asserts, arguing that the government's lack of business understanding exacerbates this brain drain. She points to specific policy failures, including the National Insurance hike and the complex Employment Rights Bill, which she claims load unnecessary costs onto businesses. Additionally, she criticises damaging tax announcements affecting family enterprises and the ongoing fiasco surrounding business rates.
The Business Rates Crisis
While the government has implemented temporary relief for pubs, McDonough questions the neglect of high streets facing sharp rate increases. "Many employers are paying more in rates than they are in rent," she notes, advocating for comprehensive reform rather than sector-specific sticking plasters. She references Labour's pre-election promises as an example of the substantial change needed.
A Cabinet Without Business Pedigree
McDonough identifies the root cause of these issues as a fundamental disconnect within government. "No-one around the Cabinet table appears to have any experience of running or building a successful business," she states, viewing current policies as symptoms of this deficiency. She emphasises that attracting individuals with real-world business experience into politics is crucial for national interests.
Addressing Youth Economic Inactivity
The article also tackles the UK's 21% economic inactivity rate, representing over 9 million people aged 16-64 not in work or seeking employment. McDonough warns that prolonged worklessness among youth leads to increased poverty, poorer mental health, and reduced social mobility. To combat this, she proposes several measures:
- Dedicated office spaces in every school to teach workplace operations and entrepreneurship.
- An effective traineeships programme for 18- to 24-year-olds.
- Reintroduction of the pandemic-era Kickstart scheme, which provided financial incentives for employers to offer work placements to at-risk youth.
While welcoming the government's new Youth Guarantee of paid work, McDonough criticises the 18-month implementation delay as excessive.
Personal Reflections and Cultural Inspirations
In lighter moments, McDonough shares personal anecdotes, including her year-round indulgence in Christmas pudding, a habit she shares with actor Richard E Grant. She also expresses excitement for the stage adaptation of Shadowlands at the Aldwych Theatre, starring Hugh Bonneville and Maggie Siff, and reveals how ballet continues to inspire her jewellery designs. Her iconic blue topaz and peridot earrings, created after seeing Sleeping Beauty 25 years ago, remain best-sellers today.
Ultimately, McDonough's message is clear: the UK must revitalise its entrepreneurial climate by ensuring policymakers understand the realities of business, thereby retaining talent and fostering economic growth for future generations.
