September 17, 2014

What is wrong with you FT?

Sir in “Put Britain’s economy on a sustainable footing” of September 17, you write that George Osborne needs policies that boost investment and productivity.

Let me ask you, for the umpteenth time, do you really thing it is possible to achieve a sturdy sustainable economy by negating all medium and small businesses, entrepreneurs and start-ups, fair access to bank credit?

Because you must know by now, that is exactly what the credit-risk-weighted capital requirements for banks do.

You accuse Britain’s midsized businesses of “insufficient aspirations”. Frankly, you should be ashamed of yourself.

You ask the government to do more, for instance through its UK Trade and Investment Agency, arguing that while house buyers are granted billions of pounds of fiscal support, UKTI has suffered real-terms cut.

Just pick up the phone and call any of your many banker friends and ask how many times they are allowed to leverage their equity when financing house purchases, and how many times they can do that when financing any of UKTI’s typical clients. And then draw your conclusions, and beg Britain’s midsized businesses to forgive you.