Britain is unlikely to produce a figure akin to Tesla and SpaceX founder Elon Musk due to a cultural aversion to outspoken success, according to Marco Amitrano, senior partner at PwC UK. He suggests the country is not equipped to handle such a controversial and driven individual.
Amitrano, speaking from PwC's global headquarters in London, stated that while the UK has strengths and a capacity for innovation, it tends to question and criticize successful people rather than celebrate them. "I don’t think our country can cope with someone like that," he said, referring to entrepreneurs with Musk's profile.
To foster growth and support scaling businesses, Amitrano recommended better marketing of the UK as a business destination, increased investment in innovation, and a focus on a skilled workforce, particularly in artificial intelligence. He also highlighted the need for greater availability of capital for companies looking to expand.
"We have innovated better, I would say, than anybody else in the world, including the Americans, but we haven’t provided the scale-up capital," Amitrano observed. He noted that while the UK remains a strong business location, ranking second only to the US in a recent PwC survey of global chief executives, policies such as tax increases and new employee rights are causing overseas investors to reconsider.
"Less good news, we are not a clear number two any more," he cautioned. "When I talk to wealthy individuals, from a personal perspective they want to be in the UK. But they are being given cause to re-think that too often because of the financial implications, and we need to look at that."
Amitrano also touched on the impact of political instability on investment decisions, emphasizing that such turmoil can create a perception of an unstable environment. PwC, he added, maintains an apolitical approach.
Reflecting on his own career, Amitrano, who has been with PwC his entire career, embodies the potential for social mobility. His father, an Italian immigrant, instilled a strong work ethic that shaped his professional journey. He stressed the importance of leadership stepping up to challenges, particularly in areas like addressing youth unemployment, stating that "Chief executives have to lead, and not delegate it to HR."
Regarding the audit profession, which has faced scrutiny over high-profile scandals, Amitrano maintained that PwC conducts high-quality audits and fully cooperates with investigations. He cautioned against excessive criticism of the professional services sector, emphasizing its crucial role in the economy and the significant employment and tax contributions of the Big Four firms. "We must remember the professional services sector is a fundamental and very material part of this economy," he said.