Labour risks wasting taxpayers' money by taking 'aggressive' stakes in fast growing firms, warns former cabinet minister Esther McVey. In a scathing opinion piece, McVey argues that the government has no business expertise and should not be gambling public funds on private companies.
Government overreach in business investment
The latest ludicrous overstep by the government is investing taxpayers' money into private businesses as it plans to take 'aggressively' larger stakes in fast-growing companies, supposedly to jump-start economic growth. What on earth makes this government think it can choose companies to gamble taxpayers' money on when not a single one of them has any real expertise or experience in business?
McVey, a former Secretary of State for Work and Pensions, stated that any company with a good business plan can get investment from the private sector without the dead hand of the state interfering. She emphasised that the only things businesses want from the government are lower taxes and fewer unnecessary regulations. 'The government is the problem not the solution,' she wrote.
Marks & Spencer offers youth training
McVey praised M&S for offering training for 1,000 young people aged 18-24, aimed at developing management skills and providing full-time jobs. This comes as Labour's policy choices to raise taxes and increase regulations on businesses have pushed youth unemployment up dramatically – now close to one million – in less than two years.
M&S Chief Executive Stuart Machin began his career pushing trollies at his local Sainsbury's before climbing the retail ladder. He rightly said this is a sector that gives those wanting to work a chance and a career opportunity. McVey advised young people to get a Saturday job, calling them a great way into employment.
D-Day heroes honoured
In a separate note, McVey paid tribute to D-Day veterans Richard Brock, Ken Hay, Henry Rice and Ken Benbow, who attended the British Normandy Ceremony marking the 82nd anniversary of the landings. 'Let's salute these brave heroes and never forget the service they gave to this country,' she said.
Greyhound racing under attack
McVey also defended greyhound racing after a fantastic weekend at the Greyhound Derby Final at Towcester. She criticised the 'half a dozen or so ill-informed, extremist lunatics protesting outside who want to see the sport banned despite it having world-leading welfare standards.' She questioned why any politicians would listen to these 'idiots' and noted that they did not spoil a wonderful evening.
