Staffordshire businessman and self-made multi-millionaire – Mo Chaudry arrived in the UK as an immigrant from Pakistan, unable to speak a word of English, aged just 8.5-years-old. Now, the married father of three has a net worth of more than £170 million, owns a portfolio of businesses, in the finance, health and fitness sectors, and employs 300 people. It’s far cry from the £10 a week Stoke-on-Trent bedsit he was living in at the start of his career. Here he talks to Staffordshire Living about why Britain needs to back entrepreneurs ahead of tomorrow’s budget.
How would you describe the national mood ahead of the budget?
There’s definitely a sense of trepidation. People simply don’t know what to expect. Over the weekend, we saw strong hints in the Sunday Times that the Chancellor will attempt another round of welfare reform, but beyond the speculation one thing is absolutely sure: our economic system is fundamentally broken.
How do you think we got to this point?
It’s not because people aren’t working hard. It’s because successive governments have stopped rewarding those who do. For years we’ve tried to tax, spend and subsidise our way to growth. It hasn’t work – and it won’t work this time around.
You often speak about the importance of SMEs. Why do you believe they have such a part to play in economic recovery?
SMEs are the economy. The UK has 5.7 million private-sector businesses, and 99.8% of them are small or medium-sized. They employ 16.6 million people and generate £2.8 trillion in turnover. That’s over half of all private-sector revenue. If the government wants growth, real, immediate growth – it has to champion success, not punish it.
What is your view on increases taxes to the super rich?
There has been lots of talk about wealth taxes. My position is clear – it isn’t about avoiding tax. I’ve never shied away from paying it, and whatever is announced this week, which won’t change. I’m not leaving the UK if taxes rise. My home, my friends, my family are here. My issue is fairness. The current system puts a disproportionate burden on entrepreneurs – the people who take risks, create jobs and drive growth -and then expects them to carry the economy on their backs. We need to create a system that feels balanced and rewards ambition.
Where does the public sector fit into your view of economic recovery?
Our public services matter deeply. The NHS is something we all hold dear but investment alone won’t fix the problems. There are 6.1 million people employed in the public sector with a combined wage bill of £270 billion, and yet we’re still seeing waiting dlists rising and key services struggling. Productivity in the public sector is still falling.
We need efficiency, accountability and modernisation, not just more money.
You’ve also spoken about the need for welfare reform. What specifically needs to change?
Welfare must absolutely protect those who genuinely need help. But it should never trap people. Unfortunately, parts of the system have evolved into something they were never intended to be. Too many people have been conditioned to believe that living off the state is their only path, not because they lack talent, but because ambition isn’t encouraged. We now have a million young people classed as NEET (not in education, employment or training). That should alarm everyone.
What should welfare reform look like?
Welfare should be a springboard, not a sofa. It should empower people, not stifle them. There needs to be a cultural shift and that unfortunately could take years.
What do you think is the answer?
- A tax system that is genuinely fair
• A welfare system that empowers rather than traps
• A culture that supports ambition, not suffocates it
What do you hope to see from the Chancellor?
I hope it isn’t another sticking plaster. We don’t need minor tweaks – we need structural, bold, industrial-strength change. Rachel Reeves needs to deliver more than short-term fixes. Britain deserves a system that works, for families, for workers, for businesses and for the future of our economy.
