Leo Quinn, Chief Executive Officer of Outgoing Balfor Beatty, has called Chancellor Rachel Reves to reverse his abolition of non-domes of UK, warning the move to stop rich investors and limit funds for major infrastructure projects.
Quin, who left the post after a decade leading to a veteran company, said that the decision to abolish the non-dome rule in April had removed “unprecedented” investment from Britain, especially from billionaires and rich families from the projects that could take a long-term approach on projects.
Quinn said, “London is the best city on the planet and what we should do is attracting all these billionaires and wealthy families.” “Maybe we have gone a little far away in whatever we have done around non-dome … and we will see some of those rules to reduce.”
High-profile departure following policy changes includes Goldman Sachs banker Richard Ganode, Eston Villa's co-owner Nassef Sourties and Norwegian shipping magnet John Fredricsen.
Quinn argued that the government should do more to encourage foreign businessmen to invest in the UK infrastructure, warning that the UK was “missing” on opportunities to secure the patient's capital.
The figures of his comments fell to their lowest level after showing direct investment in Britain since the record started in 2008. The department of trade and trade data shows that inbound projects fell by 12% to 1,375 in 2023, yet despite efforts to attract foreign capital.
The latest trading update of Balfour Beatty recorded an increase of 18% in a half -year profit for £ 132M to help rapid government approval for infrastructure projects. Current tasks include £ 833m net zero taseed carbon capture scheme and sizewell C nuclear plant, where it will provide one -third of the main civil engineering functions.
A spokesman for the treasury said that the UK was attracting “record investment” and giving investors “direction and clarity on our priorities for major projects”.
Jamie young
Jamie is a senior reporter in Business Matters, who is bringing more than a decade experience in UK SME business reporting. Jamie holds a degree in business administration and regularly participates in industry conferences and workshops. When not reporting the latest commercial developments, Jamie has emotional about advising journalists and entrepreneurs to motivate the next generation business leaders.