The CFFC held a well-attended exclusive dinner at Franco’s in St James to hear from Martin Vander Weyer, Business Editor of “The Spectator” on the topic of “Good business is the antidote to bad politics”.
Martin Vander Weyer began his talk by establishing the idea that a dynamic balance between business and politics create the best conditions for success — as we had seen very impressively in the UK with the development of Covid vaccines. The right formula is not always deregulation and low taxes, nor is it always more state intervention; different economic circumstances require a different balance. Brexit, whether or not we call it bad politics, was an entirely ideological decision with a risk of economic harm — to which the antidote is good business.
Martin pointed out that although the free market is not always perfect, it can create the best conditions for growth and innovation so long as it has the right guidelines. Business, for example, is more likely than government to find solutions to the problems of climate crisis. Aided by the reform of Solvency II restrictions, it is the City, not the state, that will finance projects such as the Sizewell nuclear power station. Of course capitalism needs rules and limits, but it is the most powerful engine of progress and prosperity we have.
