Cameron calls for ‘popular capitalism’
Prime Minister David Cameron today set out his vision for capitalism with ethics to stem the worst excesses in the business world.
In a major speech on the economy today, Mr Cameron called for greater transparency in business, as well as measures to make it easier for co-operatives to be created.
The prime minister followed up on ideas he set out three years ago during a speech to the World Economic Forum in Davos, Switzerland, when he said that governments must “stand up to business when the things that people value are at risk”.
His speech follows a decision by the high court on Wednesday to evict anti-capitalist protesters from their camp outside St Paul’s cathedral.
It also follows an announcement by Wall Street banking giant Goldman Sachs, that it paid out £7.95bn in pay and bonuses for its 5,300 staff in 2011.
The bank posted a 47 per cent drop in net earnings to £2.8bn in the year up to December 31.
Instilling morals in capitalism has become a key theme of all the main political parties.
Ed Miliband last year used his key speech at the Labour Party conference to say he would tackle “predatory” companies that made unfair excessive profits.
He has also accused the coalition of adopting his motto of “responsible” capitalism.
Liberal Democrat leader Nick Clegg has also unveiled his plans to create what he called a “John Lewis economy” by increasing employee share ownership. He said that co-operative models tend to perform better, which not only help to boost growth, but would also help usher in a new era of “responsible” capitalism.
Fellow Lib Dem Vince Cable has been vocal about plans to crack down on bankers’ salaries and has urged bank bosses to show restraint in upcoming pay deals.
