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FSN: Statist Solutions Will Only Hamper Growth
Be prepared for the next great transfer of wealth. Buy physical silver and storable food.
Luckily, the Business Secretary’s proposals for a state lending bank look little more than a footling irrelevance
by Telegraph View
Telegraph.co.uk
The timing could hardly have been less auspicious. As Vince Cable, the Business Secretary, unveiled his latest plans for Seventies-style industrial intervention yesterday, the fundamental flaws in such a statist approach were being mercilessly exposed by the Commons public accounts committee. The Regional Growth Fund, a Nick Clegg brainwave set up within weeks of the Coalition coming to power to channel taxpayers’ money into businesses, represented a “scandalous” failure of policy, opined the committee. Just £60 million of the £1.4 billion allocated to the fund had reached its intended targets; only 5,200 jobs – out of a promised 36,800 – had been created; and some of those jobs had cost as much as £200,000 each to create. If hard evidence were needed of the futility of Whitehall attempting to stimulate the economy through direct intervention, we need look no further.
Continue Reading at Telegraph.co.uk…
2012-09-11 21:22:21
Source: http://silveristhenew.com/2012/09/11/statist-solutions-will-only-hamper-growth/
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