Optimism may sound misplaced given that Britain is embarking on an age of austerity. But Jeremy Darroch FRSA believes that the private sector can come to be seen as a positive force.
Enduring recovery will only come through commercial investment and a positive environment for wealth creation. It is private enterprise that will create jobs and generate the tax revenues that pay for schools, hospitals and other public services. Private companies will also provide and maintain the hi-tech infrastructure essential to the growth of a successful, modern economy. And private capital will develop the innovations to stimulate consumer demand.
The economic crisis has also given oxygen to a debate not just around what government does, but what it does not do. Many companies already reach beyond the traditional boundaries of their business models; for example, to tackle climate change or encourage healthier lifestyles, such as our own Sky Ride initiative to promote cycling.
So, the squeeze on state spending provides a chance to rebalance economic activity in this country and, as the state withdraws, there is an opportunity for the private sector to prove its value by extending its broader contribution even further. But for too long business has been the bogeyman. It has become accepted wisdom in some quarters that companies are driven only by greed and the ruthless pursuit of profit, caring little for the customers and communities that sustain them. (more…)




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