Rami Cassis calls for the Government to do more to attract ambitious, growth-focussed family offices to base themselves in the UK

Rami Cassis calls for the Government to do more to attract ambitious, growth-focussed family offices to base themselves in the UK.

Rami engaged in a 1-1 discussion with Anna Leach (the Chief Economist of the Institute of Directors) on the 27^th October in Whitehall, London, at The 26th European Family Office Forum. Campden Wealth’s annual event supports family principals and their chief executives to navigate the evolving challenges and opportunities faced by family offices.

Despite recent pessimism regarding the UK amongst global investors, Rami presented a case for optimism. He highlighted the key strengths that continue to make the UK an attractive option as a base for ambitious, growth-focused family offices. He also made recommendations to the UK government around positioning the UK as a leading investment hub and attracting more entrepreneurial family offices.

Rami’s comments come after he welcomed Rachel Reeve’s plans to increase carried interest, and called for an exception for partners who risk their own capital. This, Rami argued, would encourage genuine entrepreneurship and sustainable wealth creation.

His positive case for the UK included the following points:

• London remains unmatched as a global city, offering diversity, culture, and a unique lifestyle that goes far beyond fiscal policies.
• The UK offers an excellent quality of life and a pro-business mindset.
• The UK has a reputation for political stability, as well as a well-respected legal system. Both provide confidence to investors and dealmakers.
• The UK’s world-class education system is a draw for families globally.

He encouraged the UK Government to take the following steps to attract ambitious family offices further:

• Work hard to maintain a high level of trust with both finance and tech sectors as these drive high growth and create investment opportunities. While family offices are driven by tax rates, their decision-making is also driven by investment opportunities.
• Reposition the UK as a cultural bridge to the US.
• Continue the EIS/VCTs investment tax reliefs for start-ups. These incentivize investors to back start-ups.

Overall, Rami highlighted that the UK holds a competitive advantage as a desirable location for ambitious, growth-focused family offices. To encourage this and bolster investor confidence further, the UK government must send positive messages about long-term enterprise that will have a longer-term impact than tax.