Innovation is the secret of economic success

The assertion that dynamism and innovation are crucial to economic success is self-evident.

But whatever the priority ranking our Government places on the many challenges it faces, innovation and economic dynamism can surely be left to entrepreneurs.

Sadly, dynamism and innovation are being suffocated by three serious errors of government.

Firstly there is a continuing belief that our banking system is being nursed back to health when in fact it is both incapable of regulation and spiralling out of control towards another phase of the 2008 crisis that unhappily will show that all of the bailout expenditure was wasted.

Secondly our economy is struggling to cope with the debasement of our currency caused by QE.

Finally we appear to have views coming from within the Government and their advisers that Government can play a role in the creation of innovation. It can indeed play a role, but only by reining back its previous actions that have stifled innovation.

This article also creates the impression that a rather cosy relationship has developed between Google and the Treasury. I sincerely hope that that is not the case.

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