David Cameron, the Prime Minister, has in a speech envisioned how the financial crisis can work as a platform for market improvement. Cameron said that a free market is the way forth to achieve success and that we should “use this crisis of capitalism to improve markets, not undermine them...
“We won't build a better economy by turning our back on the free market. We'll do it by making sure that the market is fair as well as free.”
The Prime Minister said that he had a proactive view on the market in that he realised ways to improve the financial sector, even when it is in a poor state. “So where others see problems with markets as a chance to weaken them, I see problems with markets as an opportunity to improve them.”
However, Cameron recognised that the business sector had not taken responsibility for its actions and that accountability was crucial. ”I want these difficult economic times to achieve more than just paying down the deficit and encouraging growth
“I want them to lead to a socially responsible and genuinely popular capitalism. One in which the power of the market and the obligations of responsibility come together. One in which we improve the market by making it fair as well as free, and in which many more people get a stake in the economy and share in the rewards of success.”
The leader of the opposition, Ed Miliband, has previously called for a more responsible financial market. Miliband questioned the sincerity of Cameron’s announced intentions, “Let's judge you on your deeds and not your words”.
The Prime Minister said that significant business achievements must be met by financial rewards but that bonuses and high salaries could not be awarded if a business was finally struggling. “There should be a proper, functioning market for talent at the top of business, and that will inevitably mean some people will earn great rewards.
“But that is a world away from what we've seen in recent years, where the bonus culture - particularly in the City - has got out of control. Where the link between risk, hard work, success and reward has been broken.”
Cameron wants to support entrepreneurs so that more new businesses get started. If the Government acts on its policies and they are successful then more jobs are likely to follow. However, in a straining financial climate many are struggling financially with setting up a new business as they will have to give up the security of their monthly wage.
More on this story:
Are you looking for employment law advice?
No comments:
Post a Comment