I’ve been speaking to CEOs all year – this is what they really think
After spending a year interviewing some of the UK’s top business leaders, a number of themes have emerged which paint a concerning picture of their confidence in this country’s future prospects – but there is also hope.
In 25 episodes of CityAM‘s Boardroom Uncovered podcast series in 2025, a large number of the CEOs interviewed expressed their anxiety over the UK’s global competitiveness.
Many also scrutinised government policy – mostly in the diplomatic and stilted way top chief executives do in public – but it was clear that under the surface there was deep dissatisfaction with how things were going.
A common thread throughout this year’s episodes – which featured the bosses of a wide range of companies from tech unicorns like Motorway and ClearScore to high-street stalwarts like Pret A Manger and HMV – was a business environment defined by uncertainty.
Leaders spoke about geopolitical, economic or behavioural concerns which were impacting their industries while also calling for government action.
But the business leaders also offered notes of optimism, whether that be something in particular their company was doing, or changes in policies that they hoped would be introduced by the government this year that might support them better.
You can watch and listen to all of the Boardroom Uncovered episodes from this year and 2024 here.
CEOs on the UK’s competitiveness crisis
One of the most common themes expressed by the guests on Boardroom Uncovered wasn’t just about inflation but the UK’s fundamental approach to business.
Leaders consistantly voiced deep concern that the UK is failing to encourage wealth creation and risk-taking.
The likes of ClearScore co-founder and CEO Justin Basini and Castore boss Tom Beahon spoke out against the perceived complexity and harshness of the UK’s tax structure.
Basini specifically hit out against tax avoidance as “unforgivable” and called for reform, while Beahon argued the UK needs to stop “penalising” successful entrepreneurs.
James Reed, who leads his family’s recruitment giant, strongly advocated for cutting “red tape” to unlock the potential of the UK job market and turn the country into a genuine “jobs powerhouse”.
But on the positive side of the ledger, Sage CEO Steve Hare spoke up about why it’s important for the FTSE 100 giant to remain listed in London despite other tech companies choosing the US instead.
However he did highlight the persistent issue of London-listed firms being undervalued compared to their US counterparts which reinforced the narrative that UK markets struggle to properly reward high-growth tech firms.
CEO scrutiny of government and Labour policy
Top business leaders, especially those who lead London-listed companies, are often hesitant to speak out against the government of the day for a variety of reasons.
But many broke ranks this year to voice their concerns over the direction Labour has taken since taking power in the summer of 2024.
A common message was that Sir Keir Starmer’s government wasn’t doing enough to support British businesses.
BGF chief executive Andy Gregory argued that Labour needed to do more to reassure the business community while Pizza Express CEO Paula MacKenzie felt the government’s stance on business was “unbelievably harsh”.
Speaking before the Budget, Butlin’s boss Jon Hendry Pickup argued that Chancellor Rachel Reeves’ mooted tax-raising policies were going to directly hurt the tourism and hospitality sectors – something he also spoke out about after they were confirmed.
But beyond politics, Ogilvy UK vice-chairman Rory Sutherland put forward an alternative critique, arguing that “boring” free-market capitalism needs a better public narrative – a problem of perception, not just policy.
The new global risk environment
This year has once again been dominated by the on-going war in Ukraine as well as a series of high-profile cyber threats against iconic British companies such as M&S, Jaguar Land Rover, Harrods and the Co-op to name a few.
Speaking on the final episode of 2025, BAE Systems CFO Brad Greve warned that the global risk environment is the “scariest it’s been since the Cold War”.
While Neil Sawyer, who leads HP in Northern Europe, said that UK cyber attacks will inevitably increase, emphasising that businesses must prioritise robust protection.
Adapting to the hybrid high street
Meanwhile, for consumer-facing CEOs a dominant theme was how to survive and thrive in a market which has been permanently altered by hybrid work and cost pressures.
Pret A Manger’s UK boss Clare Clough opened up about how her business has had to change its model to adapt to fewer daily commuters and shifting its focus from central business districts to suburbs.
Chris Phylactou, Papa John’s UK managing director, described the current environment as a “perfect storm of difficulty” due to rising costs, forcing companies to balance high inflation with consumer budget constraints.
However, HMV boss Phil Halliday provided a positive story of high street resilience, detailing how physical retail, driven partly by the resurgence of vinyl, is making a comeback.