Home > Uncategorized > Chuka Umunna Right or wrong?

Chuka Umunna Right or wrong?

http://www.fsb.org.uk/conference2013/chuka-umunna-mp

Some well reported comments from labours business secretary. In fairness he does highlight some crucial points although there is a part of me that would rather a business secretary who had actually run a business rather than act as a lawyer but there is one issue which is oft repeated and yet doesn’t really stack up

He complains about the lack of credit available in the market and the lack of competition in lending. Frankly I cannot agree. Credit to business is primarily asset based and there are up to 50 active lenders in the market, albeit at varying levels

He sees this as a uk problem. The world bank would disagree. Their annual survey on “ease of credit” covers every country

Guess which is rated the very best country in which to obtain credit?

Yes. You guessed right

He also states that we are the only country in the g20 without state intervention to ensure “credit gets to businesses”. Given the above, it would be very easy to make a very sarcastic comment here

http://www.theguardian.com/commentisfree/2013/sep/09/tsb-banking-small-businesses-british-investment?commentpage=1

Now I steer clear of politics on this blog but “state intervention” is never far a away from the thoughts of one particular party.

But does it work?

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