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Richmond upon Thames Liberal Democrats:Covering the constituencies of Twickenham and Richmond Park |
Nick Clegg’s speech at the Mansion House
January 17, 2012 6:22 PM
• [Jan 16] Nick Clegg: ANOTHER week, another speech about the evils of capitalism. Let me start by asking: who here is in favour of irresponsible capitalism? Because you won't find many people arguing for more recklessness, more short-termism or greater rewards at the top. On the contrary - the growing consensus is that we need the opposite: a more sustainable economy; a more balanced economy, where rewards are proportionate and relate to real success.
That consensus, emerging among the political parties, has attracted a little cynicism. I can understand that. It is, after all, bonus season in our banks. But there is a more generous interpretation of the shifting political mood. One that says: perhaps the penny has finally dropped . .
Imagine: an automatic opportunity for every employee to seek to enter into a share scheme, enjoying the tax benefits that come with it, taking what for many people might seem out of their reach, and turning it into a routine decision. Clearly the details of that kind of policy need to be properly thought through. We need to establish which companies would and wouldn't benefit - it might not be feasible for microbusiness, for example.
But we need to start by thinking big: not asking 'why?', but asking 'why not?' Looking across the board - tax, regulation, simplicity, awareness - to help more of these companies flourish, in order to put more employees at the helm.
And that brings me to the thought I want to end on today: economic power in more hands. As the debate on a more responsible capitalism moves forward, Liberals will remain set on that goal:
An end to crony capitalism, where vested interests trump the national interest. A better balance of power, in the economy - and between politics and business. That is the route to a safer, more stable, more prosperous economic future. This is how we will spread wealth and share rewards.
A more responsible capitalism. A more liberal capitalism.
Thank you.
• Nick Clegg's speech at the Mansion House [Politics.co.uk Jan 16]
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