Brewdog co-founder James Watt has described the budget as a “bitter pill” which will make growth hard to achieve.
He took to LinkedIn to share his views after Labour introduced tax hikes worth £40 billion in what’s been hailed a tough budget for business.
Chancellor Rachel Reeves’ budget included a hike to National Insurance rates and an increase in the national living wage.
Millionaire Watt, who announced his engagement to former Made in Chelsea star Georgia Toffolo last week, urged businesses to roll up their sleeves.
He said it was time for UK businesses to show the world what they are made of.
Brewdog James Watt on budget
Mr Watt, who stepped down after 17 years at the helm of the Ellon beer company in May, said it was time for “no complaints” and “pure action”.
He said: “Well, the budget is in. From a business perspective, the tax increases are a bitter pill to swallow.
“The UK is in desperate need of economic growth, yet the tax increases announced yesterday make that goal significantly harder to achieve.
“The situation Labour inherited isn’t easy. And things aren’t going to get any easier that’s for sure.
“But our job as entrepreneurs is, and always has been to control what we can, and try and forget about the rest.
“No excuses. No complaints. Just pure action.”
Mr Watt handed the reins of BrewDog over to chief operating officer James Arrow to “concentrate on his other projects and interests” but retains a 17% shareholding.
Sharpen your edge
Unpacking the budget, he urged fellow entrepreneurs to up their game.
He said: “To every founder, dreamer, and business owner out there – this is the moment to sharpen your edge, to create something so good that it’s undeniable.
“It’s not going to be easy; it was never meant to be easy.
“But that’s exactly why we’re here, right? Here’s what I’m saying to every UK business owner today, don’t dwell on the hurdles.”
Mr Watt, who built BrewDog up from a garage-brewing experiment to one of the UK’s best-known alcohol brewers, said businesses need to dig deep.
“Instead of focusing on policies we can’t change, let’s concentrate on what’s within our control,” he said.
“Making products that no one else can. Finding new ways to break the status quo.
“And most importantly, looking after each other.”
Collaboration and community
Mr Watt, who now splits his time between homes in Aberdeenshire and London, said businesses must work together to grow.
He added: “Collaboration and community are going to be more important now than ever.
“Share knowledge, share resources, and lift each other up.
“Now, let’s prove to the world what UK businesses are capable of.”
Conversation