Andrew Henderson sits down with former UK Chancellor Kwasi Kwarteng to explore how tax policy, rule of law, and geopolitics are reshaping Britain's role in the world. Kwasi lays out why the UK's rising tax burden – from the new mansion tax to tighter non‑dom rules and higher employer contributions – is changing the country's appeal to entrepreneurs and investors, even as its legal system, universities, and property rights remain world‑class.

They discuss why London looks cheap but unloved as an equity market, the decline in London IPOs, and the shift of ambitious founders either to New York or to staying private. Kwasi explains the politics behind buy‑to‑let crackdowns, regional disparities between London and the rest of the UK, and how Britain is trying to keep London relevant as a listings venue, including courting Chinese companies. Along the way, they dig into the UK's complex relationship with China, the rise of rival hubs like Dubai and Abu Dhabi, the growing importance of African and diaspora capital, and why Britain's brand – from education to common law – still carries weight in an increasingly multipolar world.

In this episode, Andrew and Kwasi discuss:

● Why rising UK tax levels – including the mansion tax and changes to non‑dom rules – are reshaping Britain's appeal to entrepreneurs and investors.

● How the UK's rule of law and deep property rights tradition still underpin its global brand, even as other centers compete for capital.

● Regional disparities between London and the rest of the UK, and where real estate and buy‑to‑let still make economic sense.

● Why UK equities are historically cheap, what's gone wrong with London IPOs, and why many founders now look to New York or stay private.

● How London is trying to remain a global listings hub, from alternative exchanges to efforts to attract Chinese companies.

● The UK's complicated relationship with China, balancing human rights concerns with educational, financial, and strategic ties.

● The rise of rival financial centers like Dubai and Abu Dhabi, and what that means for African, Gulf, and frontier‑market capital.

● How Britain can stay "open for business" while managing domestic politics around welfare, migration, and national identity.

Follow Kwasi: LinkedIn

About Borders

Borders is a long-form audio series hosted by Andrew Henderson, exploring how capital, power, and opportunity are reorganizing beyond the Western mainstream.

Each episode features an unscripted conversation with founders, policymakers, investors, and thinkers operating at the edges of conventional narratives. The focus is structural clarity — not headlines.

Produced by Vesper. Hosted by Mr. Andrew J. Henderson: Website