Yet when the policymakers do try to support business, it is mostly at the behest of noisy union bosses. Unfortunately, entrepreneurs tend not to be well organised in lobbying terms; by their nature they are individualists, and not political or corporate types. And they carry few votes.
Lip-service is paid to their economic contribution, but legislation almost invariably makes their task harder. In truth, the public sector regards private enterprise as “another country – they do things differently there”.
Currently, fear is in the ascendant, which is why investors have turned to relics such as gold to preserve their wealth. I find such trends hugely demoralising. Buying lumps of metal will not boost economic activity or improve our standard of living. Yet investment demand for gold rose by 64 per cent last year and its price hit an all-time high recently. Such diversion of capital from productive uses, such as backing industry, will damage all our prospects in the long run.