When a government announces tax hikes and entrepreneurs celebrate, you know something's deeply wrong. Yet that's exactly what happened in Britain this week, as tech founders cheered Labour's "modest" increase in capital gains tax—simply because they'd feared worse. It's like watching passengers applaud because their delayed flight finally took off: The relief is real, but it misses the bigger problem.
I've watched this drama unfold from a unique vantage point. My company, Cleo, was born in London in 2016 but now operates entirely in the United States. Moving to America went beyond market size—it was a stark recognition that Britain stifles ambitious tech companies.
