Rarely have we had a month of such contrasting change.
A once-in-a-generation change, of course, in the death of Her Majesty, as 70+ years of continuity came to an end, prompting a period of quiet reflection as we considered what true leadership looks like (service) and King Charles III transitioned calmly into the role.
Meanwhile, on the political front, a new Prime Minister took office and, within the month, we were able to contrast the composure of a planned, long-term viewpoint with the storm created, at least in part, by the demand for short-term results. A hurricane rapidly developed as MPs, commentators and the markets reacted in exactly the way Rishi Sunak had predicted if Trussonomics were to be delivered.
It is clear that the messaging here was as much of a problem as the message. As a firm believer in flat taxes, this is a bit of shame as, from my experience, higher rates of tax can be a disincentive to work, none more so than the loss of personal allowance when income gets above £100k. The 62% tax rate there really does put some off pushing on with their work and productivity.
This has all lead to much discussion on the Laffer curve and human psychology here at Polestar Towers. What is clear though is that leaders need to remember to take their team with them. For all Boris’ faults, he understood the need to prepare the ground and frame his plans in a way that the man on the famous Clapham omnibus (or Nissan car factory) would follow him.
Despite all this turbulence, life has of course carried on and we have been heads down completing a wonderful transaction. It is a complex deal where a PE consortium, led by Bridges (the impact investor), and MSCI (a top-tier data provider) have bought into EVORA, the world-leading real asset ESG-consultancy and software business. The deal provides for significant new capital and skills to be injected into the business.
I have no doubt that EVORA’s software and know how will change the world for the better, as well as deliver amazing returns for the management team and investors. It is a fantastic example of a UK business with truly global ambition being led by a purpose-driven team, for whom financial success is a happy by-product.