Staysure founder Ryan Howsam (pictured) said the UK could revive economic growth if the government rethinks its approach to tax and regulation, warning that current policy is driving talent, capital and entrepreneurial activity overseas.
Howsam, who built Staysure into a major travel insurance brand serving customers with pre-existing medical conditions, has lived outside the UK for more than 20 years and now resides in Dubai for tax reasons. He said he would return “in a heartbeat” if the UK created a more attractive environment for entrepreneurs, arguing that the country continues to lose high-net-worth individuals and business owners due to a lack of incentives.
His comments, in an interview with ThisIsMoney, follow a period of growing concern about the country's ability to retain and attract wealth. According to a report from financial website thisismoney.co.uk, earlier changes to the non-dom regime prompted warnings about the potential erosion of the tax base.
Henley & Partners recorded 9,500 millionaire departures in 2024, on top of 16,500 between 2017 and 2023, the report said. Research by fund manager Rathbones also suggested that roughly 12% of UK SMEs, or about 680,000 firms, are currently exploring relocation.
Although Howsam no longer contributes UK personal tax, Staysure remains headquartered in Northampton and pays around £100 million a year in non-recoverable taxes. He said this illustrates that businesses can still anchor economic activity in the UK if the policy environment is competitive.
Howsam also argued that the UK's tax structure and regulatory expectations have become increasingly restrictive. He has proposed measures, such as a £5,000 flat fee for entrepreneurs opting into a 10% capital gains tax rate on future business sales. Analysis he commissioned from the Centre for Economics and Business Research suggested this could generate up to £100 billion for the Treasury over 25 years. But he said CGT reform must be part of a wider pro-business strategy, according to the report.
Howsam's comments come against the backdrop of Chancellor Rachel Reeves' second Budget, which outlined a series of tax and spending measures that will shape the operating environment for insurers, brokers and clients.
While much of the focus was on personal taxation, pensions and property, the fiscal changes are expected to influence product demand, advisory needs, and planning decisions across the insurance market. The Budget provided some clarity for forward planning, but insurers will need to work closely with clients to navigate the shifting landscape and identify tax-efficient approaches to risk management.
For the insurance sector, Howsam’s perspective echoes wider concerns about the UK’s competitive position as a base for underwriting, distribution and entrepreneurial activity.
With businesses increasingly mobile, he said the UK must offer a compelling environment for founders “to start and scale,” rather than risk more talent and investment moving offshore, according to the report.
