So commented the US golfer Bubba (his real name is Gerry) Watson after winning a pulsating play-off in the Masters golf. When asked to put his thoughts into words he continued “it’s a blessing for sure.” He is, of course, like the majority of the world’s top 100 golfers, already fabulously rich (when compared to Middle England). Now that he has won his first Major championship the dollars will not stop pouring in.
Britain’s enterprising business owners have their dreams. They’ve probably been using the Easter break to stoke the fires of their ambitions. They will imagine a progressive and energetic community which recognises their immense contribution both to the employment situation and to the growth of the economy.
But as they return to work on a damp Tuesday morning the reality of their situation will hit them.
The Department of Trade will continue to stagnate in the mire of confusion caused by their belief that finance for growing companies should come from funds. Why don’t they recognise that the dismal performance of The Regional Growth Fund (as so eloquently highlighted by Ed Miliband in his Budget response speech) is a clear indication of the waste of tax payers money that this strategy will produce.
They will yearn for a return of active small-capital equity markets.
However the confusion in the regulation of these operations, as the Financial Services Authority (“FSA”) begins the ‘twin peaks’ model which mirrors the proposed eventual revised structure, will slow down and hinder an efficient market operation. This will not be helped by the battle between the Governor of the Bank of England and the Treasury Select Committee (who want greater accountability).
Business owners will continue to be frustrated by Britain’s banks who simply don’t want to be bothered with SMEs. The failure of the Coalition Government to remedy this situation is staggering.
The Easter break will soon be history as Britain focuses on the Queen’s celebrations and the Olympic Games. Enterprising companies will struggle on as they have done for the past four years.
Bubba Watson is an entrepreneur. He has established his own golfing label ‘Bubba Golf’. He has also recorded a charity video with three other golfers who donate $1,000 for every 100,000 YouTube plays. He has now fulfilled his dream of winning a major.
It will be much more difficult for Britain’s enterprising business owners to do the same. The Coalition Government is weighed down by appallingly weak leadership, the banks don’t care, the revised regulatory regime is holding back the equity markets and the bull market has yet to arrive.