This is really quite wonderful from our Mr. Hutton:
The popular revolt against bankers, their current business model in which neglect of the real economy is embedded and the scale of their bonuses – all to be underwritten by bailouts from taxpayers – will become irresistible. The consequent rebalancing of the British economy, already underway, will intensify. Britain, in thrall to finance since 1945, will break free – spearheading a second Industrial Revolution.In 2035, there is thus a good prospect that Britain will be the most populous (our birth rate will be one the highest in Europe), dynamic and richest European country, the key state in a reconfigured EU. Our leading universities will become powerhouses of innovation, world centres in exploiting the approaching avalanche of scientific and technological breakthroughs. A reformed financial system will allow British entrepreneurs to get the committed financial backing they need, becoming the capitalist leaders in Europe.
He seems not to realise that the UK is the best and easiest place to raise entrepreneurial finance in Europe already.
He\’s still stuck on this \”banks must finance business\” thing when we have an entirely different system, public markets, which provides exactly that sort of finance in a manner that almost all other European countries don\’t.
I had a few meetings 6 weeks back (and that you to the kind gentleman at CityUnslicker who set them up for me) and basically I was asking \”Here\’s this half thought through proposal in an area where I am expert even if I\’ve not tracked down all of the numbers in detail yet. D\’ye think I could get £5 million off AIM for it if I did track down all of the numbers in detail? Oh, and it\’s a 90% probability of not working and wasting everybody\’s money and a 10% chance of really working rather well.\”
And so the difficulty entrepreneurs have in finding finance in the UK is what?