Building a successful business is rarely a quick route to personal wealth.

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Many founders spend years accepting uncertain incomes, reinvesting profits and taking significant financial risks in order to grow their companies.

That is worth remembering as the Budget approaches. Being wealthy on paper is not the same as having cash in the bank, and overlooking that distinction risks discouraging owners from investing in and growing their businesses.

The Draghi report on European competitiveness highlighted a striking comparison: no EU company worth more than €100 billion had been created from scratch in the previous 50 years, while all six US companies valued above €1 trillion had been created during that period.

Access to capital, regulation and the sheer size of the US market all matter. But it should make us think carefully about the environment we create for entrepreneurs when that business begins to succeed and scale.

The UK is not competing for entrepreneurial talent in isolation. Many countries have introduced policies designed to attract founders, investment and fast-growing businesses. While Britain should not seek to........

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