Heard the PM's speech on the TV this morning. He was speaking at a venue in Pall Mall.
The gist of what David Cameron said is this : The free market culture is a model that is not working too well for Britain, so we need a friendlier face of capitalism that empowers people and helps all people generate wealth. That is what is needed, a move away from 'dear boy capitalism' to a more popular format that is more in tune with today's economic climate and reality, that empowers people from all backgrounds, a popular capitalism.
If these sentiments are actually put into practice, a more prosperous nation would emerge.
Once again, as he did several months ago, the Prime Minister mentioned his intention to re-introduce the Right to Buy of Council Houses, with a generous discount. My blog on this issue has been quite popular, with people from Stafford, Newcastle-upon-Tyne and other places. It is a proven idea that generates wealth and restores a sense of belonging through ownership and improves civic pride. I feel sure there are lots of people waiting for the government to actually re-introduce this legislation.
The Nobel Economist Milton Friedmann, who was the guide for Mrs Thatcher's monetarist policy, concluded from his study of the '30s that the best way forward was economic expansion : replacing dole ques with work. That is what Nicholas Sarkozy is intending to put into effect, as is probably Mr Rajoy in Spain. That policy has been fruitful in the U.S. in the last seven months or so.
If tradesmen have access to loans, they can set up businesses to create livelihoods for their families as well as other workers. If enterprising people have access to capital, they can rent the offices which are lying empty and fill them with different business activities, e.g. import-export, training, teaching, trading, design, innovative ideas.
Britain has a wealth of contacts with so many countries; if Entrepreneurs have access to capital, a lot more development projects would probably look for British know-how and expertise.
Just a suggestion: the companies going into administration - if they could be looked as an experiment for the John Lewis model of co-op enterprises - maybe some of them could be saved.