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MEDIA RELEASE: POLITICIANS SHOULD LEAVE PRIVATE EQUITY ALONE
11 December 2007
Ahead of Sir David Walker’s appearance before the Treasury Select Committee on Tuesday morning, Progressive Vision – the classical liberal think tank – has warned against high-handed regulation of private equity.
Sir David put forward proposals for a code of conduct for the industry last month. John McFall MP – the Treasury Select Committee Chairman - has already branded his recommendations “inadequate”
But Shane Frith, Director of Progressive Vision, said: “The private equity industry is vital to the British economy. The last thing it needs is the meddling intervention of politicians. Private equity firms are stunningly effective. Their export growth is three times the national average and the number of people they employ worldwide is increasing twice as fast as most British companies. MPs should be praising private equity, not trying to strangle it. High-handed regulation would cost the United Kingdom heavily in terms of both wealth and jobs."
ENDS
Notes to editors:
Exports generated by private equity firms grew by 6% per annum in the five years to 2005/06 compared with a national growth rate of 2.2%.
The number of people employed worldwide by British private equity firms increased by an average of 9% in the five years to 2005/06. This compares to FTSE Mid-250 companies’ average of 5%.
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