The UK has differentiated its economy, and much other policy, from the mainland Europe. While many EU countries experience disappointing economic growth, the UK has performed better. Policies and pronouncements from the Cameron government, now preparing for round two at Number 10 Downing, have resonated with the populace in a thorough trouncing delivered to the Labour challenge.
“Today’s successes for the Conservative party clearly demonstrate the appeal of a campaign built heavily around an economy-led rhetoric. What must not be forgotten is that when the ballot box dust has settled the government’s ability to deliver on these promises will hinge heavily on the success of the UK’s SMEs, the very backbone of the economy which the Tories claim to have such mastery.
“The last Parliament heralded some great initiatives with a raft of legislation introduced aimed at helping Britain’s SMEs prosper. This momentum must now be built upon and the government must seize the opportunity to drive long-term economic growth. To do so, the British Business Bank must remain well-funded and possess sufficient firepower to implement the Small Business, Enterprise and Employment Act, and ensure that SMEs are educated about the alternative finance sector and the breadth of potential financing solutions it can offer. Better and more consistent regulation must be introduced in order to attract institutional investment coupled with clear oversight of a mandatory referral scheme from traditional banks to alternative providers.
“In the political maelstrom in which we find ourselves, the government must not be distracted from its current trajectory of supporting SMEs and protecting the UK’s position as a leader of innovation and a destination of choice for the FinTech sector. Failing to realise the growth potential of our knowledge based economy could have potentially disastrous long term consequences.”