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20VC: Rishi Sunak, Chancellor of the Exchequer on Turning the UK Into a Talent Magnet, What Can Be Done To Drive Further Investment in UK Venture & A Breakdown of Morning Routines, Peloton Favourites and Managing Nerves

Jun 21, 2021

Rishi Sunak, Chancellor of the Exchequer and former finance professional, shares insights from his transition into politics. He discusses the UK's ambition to become a global talent magnet, emphasizing the need for innovative visa reforms to attract skilled workers. Sunak reflects on the inefficiencies of current tax policies, such as the removal of entrepreneurs' relief. He also shares personal anecdotes from his first job in hospitality and how fitness routines, particularly Peloton, help him manage nerves in public speaking.

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ANECDOTE

First Job

Rishi Sunak's first job was waiting tables, teaching him the value of hard work and teamwork.
This experience fostered his appreciation for the hospitality industry and its impact on young people and local economies.

INSIGHT

Stanford Influence

Stanford's entrepreneurial culture broadened Sunak's mindset and encouraged a dynamic approach to change.
It also emphasized technology and management, inspiring initiatives like "Help to Grow" to support UK businesses.

INSIGHT

Startup Treasury

Sunak promotes a "startup treasury mentality" to foster innovation in government.
He encourages experimentation, accepts potential failures, and takes responsibility for policy outcomes.

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Rishi Sunak was appointed Chancellor of the Exchequer on 13 February 2020. He was previously Chief Secretary to the Treasury from July 2019 to February 2020, and Parliamentary Under Secretary of State at the Ministry of Housing, Communities and Local Government from January 2018 to July 2019. He spent his professional career before politics in business and finance, working internationally. He co-founded an investment firm working with companies in multiple geographies and used that experience to help small and entrepreneurial British companies grow.

In Today’s Episode with Rishi Sunak You Will Learn:

1.) Rishi's first job was waiting table in a restaurant, what were his biggest takeaways from that first job? How did Rishi's time at Stanford impact his operating mindset today? How did Rishi make his way into the world of politics following a very successful career in finance?

2.) Talent: What does the UK need to do to become a global talent hub? How can Visa programs be reformed and innovated to ensure the UK is an attractive destination for the best talent? On reflection, where has the UK done well on talent and immigration? On the flip side, what has not worked? Why? What would Rishi have done differently?

3.) Entrepreneurs Relief & Capital Gains: What is the logic behind the removal of entrepreneurs relief? Why is it inefficient in its current form? How does Rishi think about using capital gains as a tool to attract the best to build and invest in the UK? Why does Rishi believe the UK is the most attractive place to build a business from a tax perspective? How does the UK compare to the EU and US?

4.) Driving Further Investment in the UK: What worked and what did not work with regards to "The Future Fund"? What would Rishi have done differently? What can Rishi and the UK do to encourage pension funds to invest more in venture moving forward? What are some elements the public assume the government can and should do, but in reality, you cannot?

5.) Rishi Sunak AMA: What does Rishi's morning routine look like? What time does Rishi wake up? What does he have for breakfast? What does the workout routine look like for Rishi? Who is his favourite Peloton instructor? Why? What is his guilty treat food-wise? How often does he have it? How did it feel for Rishi when he delivered his first budget? Was he nervous? How does Rishi deal with nerves today?

Item’s Mentioned In Today’s Episode with Rishi Sunak

Rishi’s Favourite Book: Roald Dahl

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