UK will benefit from massive inflows of capital once Brexit uncertainty is removed, Fastest 50 awards are told

The Fastest 50 awards at Aspire, Leeds.Richard Hughes .22nd March 2019.Picture by Simon Hulme
The Fastest 50 awards at Aspire, Leeds.Richard Hughes .22nd March 2019.Picture by Simon Hulme
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ONE of Britain’s leading businessmen has predicted that the UK’s economy will benefit from massive inflows of capital once the uncertainty over Brexit is removed.

However, Richard Hughes, the founder of the investment bank Zeus Capital, had harsh words for UK politicians who have failed to provide clarity over Brexit.

He was the keynote speaker at the Yorkshire Fastest 50 awards, which honour the dynamic firms that are bringing jobs and investment to Yorkshire.

The event attracted more than 320 of the region’s business leaders to Aspire in Leeds.

In his speech at the awards ceremony, Mr Hughes said: “Brexit has been a nightmare. I have never seen such incompetence. When I watch the House of Commons and compare that with how I run and build my businesses, it fills me with shame for this country.”

However, he was bullish about the prospects for the UK’s technology sector.

He added: “The tech companies we are seeing now are off the scale. It’s massively rewarding to see these UK technology companies become world leaders.”

Speaking afterwards, Mr Hughes said he had been alarmed by the indecision over Brexit.

He added: “I think once the politicians step back and let us get on with it, and remove the uncertainty, I think we’ll have massive inflows into the UK in terms of capital. People will start investing again.

“The entrepreneurship in the UK is phenomenal and the ability of the people to make money is phenomenal.

“You can see now that people think we’re going to have a soft Brexit. The worst thing you can have in business is indecision or uncertainty.

“Any decision is better than no decision. The politicians are refusing to make a decision and they are doing it for political reasons and not for what is right for the country and the fault lies on both sides of the House and I think it’s disgraceful.”

He added: “You can’t achieve anything unless you work hard and failure is a step on that journey. Sometimes you have to step back and enjoy it.”

Organised by leading commercial law firm Ward Hadaway and backed by The Yorkshire Post, the Yorkshire Fastest 50 highlights and celebrates the achievements of the profitable, privately-owned companies in the region which have grown their turnover by the largest amount in recent years.

A supplement to celebrate the awards, including a full list of the Fastest 50, will be published with The Yorkshire Post on Tuesday.

The overall winner of the 2019 Ward Hadaway Yorkshire Fastest 50 Awards was Torsion Group, the Leeds-based independent development and construction company, which builds student accommodation, care homes and housing.

Torsion was also the winner of the fastest growing large business category. The food company Heck, which is based in a farm at Kirklington, was the fastest growing medium sized business.

This year’s fastest-growing small business is Woodhouse (Lund) Ltd, a family-run business which builds properties across East Yorkshire. The other speakers were Philip Jordan, a partner from Ward Hadaway and Greg Wright. The Yorkshire Post’s deputy business editor.