Time for people power
Article Date: Feb 11 2009Given that some banks are now owned by the great British public, do we really need the government's permission to get the money we need?
To my mind, we've all become too soft, apathetic, accepting. I propose that small business owners with a cash shortfall politely (no balaclava required) go and take what they require and leave an IOU note with a cashier.
Over 600 of you replied to SmallBusiness.co.uk’s poll: Who’s to blame for this mess? Forty-nine per cent of you put the blame squarely on the banks, while 18 per cent pointed the finger at politicians.
Only eight per cent of you identified consumer greed as an issue, even though the banks were satiating a demand for houses, cars, new kitchens, second holidays and eternity rings. All those items and more were seen as essential “must haves”. It’s no coincidence that the pawnbroking industry is making a comeback as reality bites.
Disturbingly, 12 per cent decided to blame the collapse of the global financial system on the singer Amy Winehouse. While she may be in the press for non-music-related lifestyle choices, we don’t quite see how Amy could’ve been under the car bonnet of the economy, removing spark plugs and the like. But then, it’s difficult to tell what’s actually going on with the fog of information out there.
A paltry six per cent blamed the media. While high-profile financial journalists may not be strictly at fault, plenty of those experts now castigating the banks were, not so long ago, defending inflated bonuses at these institutions because “the financial services industry is the heartbeat of the UK economy”. But that was back in the days when greed was fashionable.
What is vital is that the government stops introducing initiatives – a favourite tactic of Peter Mandelson in his previous incarnation as well as his latest one as Secretary of State for Business, Enterprise and Regulatory Reform. Soundbites and promises wear thin pretty quickly when the results aren't forthcoming.
At the moment, as our story on The Enterprise Finance Guarantee shows, the pain is very real for growing businesses out there.
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