The winner is climate change
When I started this blog in January, I listed seven issues that I thought were likely to feature fairly regularly and asked what you thought of them. In shorthand, they were:
a) whether the power of the big supermarket groups needed to be reined in;
b) whether there was sufficient competition between high street banks;
c) whether the climate for small business was dangerously inclement;
d) what role employers should have in providing pensions;
e) whether the increasing gap between the super-wealthy and the rest matters;
f) whether the rise of private equity is a cause for concern; and
g) whether we should be worried that so many British businesses are being bought by overseas interests.
What now intrigues me is whether you would agree with the views of opinion formers on which of these questions are the most important and which the least. A ranking has been provided to me by the polling organisation, .
Every month, it seeks the views of decision-makers and opinion formers from politics, government, the City, business, media, the voluntary sector, think tanks and academia. In its latest survey, it asked about those seven issues and a further one, viz 鈥淲hat role business should have in attempts to reduce CO2 emissions and tackle climate change?鈥
Here鈥檚 the pecking order, from most important to least, with the mean score in the right column.
鈥 climate change 7.63
鈥 pensions 7.44
鈥 retail 7.26
鈥 small business 6.63
鈥 banks 6.24
鈥 private equity 6.15
鈥 wealth gap 6.00
鈥 foreign owner 5.10
As you can see, climate change wins by a clear margin, which we鈥檝e seen manifested in all those corporate announcements of green initiatives.
However I am struck that overseas ownership of British businesses resonates so little. That said, breaking down the scores by occupation of those surveyed, executives in the City (where overseas ownership is disproportionately high) view cross-border takeovers as of far greater concern than anyone else does, which is intriguing.
Other conspicuous splits between the different members of the Opinion Leader panel are that business leaders think that conditions for small businesses are hugely important, while media representatives can barely stifle a yawn.
Also the only group seriously exercised by the widening wealth gap are those in think tanks and the voluntary sector. Politicians are relatively unbothered by it, in spite of the recent attempt by Peter Hain, a candidate to be Labour鈥檚 deputy leader, to increase its salience (see my recent blog, 鈥Hooray for the super-rich?鈥).
Other fascinating results are that those in politics and government are least interested in pensions and are laggards in appreciating the growing power of private equity. As for the media, it rates the role of Tesco and the big banks higher than anyone else does 鈥 and I鈥檓 uncertain whether this reflects the concerns of the wider population or is an unhealthy media obsession.
Presumably you鈥檒l let me know.
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Very interesting blog, as they all are.
I guess it comes down to who you are asking and what you are asking.
As an investor in the stockmarket, I, find the most important thing is the development of business. Because, this is what generates the wealth to pay for my living by employment, environment, etc.
I do not mind selling my companies to foreigners. The money I get from them I reinvest in another British company. Which, I hope, will be the big company of the future.
As for the rest I worry that many of the items on your list will ultimately turn out to be fasionable things to worry about now and that next week there will be a new worry.
Please do not get me wrong. Many of the items are important and need addressing. I just worry that the next news item means that something else drops off the agenda. I end up feeling 'was that important or not'.
Mike Simpson
What about the (apparently) ever-worsening inability of the education system to turn out business leaders, or even decent spear-carriers?
On the face of it, that ought to be, and has been, a hot-button issue for everyone. With the possible exception of those parts of the media where an A-level in Big Brother is seen as a positive advantage....
"those in politics and government are least interested in pensions"
Fairly much to be expected, since they are in the half of the working population who can look forward to cushioned public sector pension arrangements.
But, my overall impression was how little margin there was between the different categories - to me there was no clear 'winner'.
Brian Abbott
about climate change it is going to happen even if there were on emissions at all, yes we can help but all this scare mongering is just another way for the goverment to get more money of us. PS all the anti 4x4 people dont they realise that there are other cars that projuce just as high emissions so why dont they go and protest at there factorys and dealerships,or are they to blinkered to listen to any one else? by the way i drive a ford fiesta .
Hmm - interesting. As a father of a 14 year-old I worry about the effects of global warming on my children and grand children (and beyond). As a 60-year old, I worry about my pension. Frankly, if foreign ownership provides jobs and taxes to the British economy, I guess I am all in favour (if you don't like it, go out and buy shares in the company that just bought in). I'd like to see small businesses work to success (without excessive protection) but Number One is global warming.
Climate change certainly is the most important factor in how living conditons and industries will be changing over the next few decades. I am soon to begin investing my money and, seeing reports that "green" technologies and businesses are becoming very successful, I feel quite confident that I can have a portfolio that will be green without even trying because those businesses that are developing products for coping with severe changes (water shortage, for one) are going to grow very fast. Corporations that learn to be cooperative with their employees and governments trying to control resources will become very popular. Green is the way.
As usual, a good and thought provoking blo. The interest of the media with Tesco and the banks is easy to understand, because this story can be pitched as the big companies versus the small consumer, even though most consumers are not that distressed by the service provided and competition is transparent.
Where you can help, is to throw more light on why business leaders are concerned about foreign ownership and the climate for small businesses. We all know about supermarkets and banks; we don't know about the factors affecting business strategy and the longer term health on the economy. Thanks.
I can understand that climate change is the highest concern, and I think it is unfortunate (and probably damaging) that there is a lack of political leadership on the issue. Not only because, as many commentators fear, this means we will fail to achieve reductions in emissions, but also because the leadership vacuum quickly fills up with "private initiatives", many of which are misguided and costly. There is no need for businesses and individuals to try to figure out their carbon footprints (which they stand little chance of doing), the problem has a much simpler solution: Substitute the appropriate amount of tax for a charge on all emissions (including transport), set long term, stable targets for reduction (just as with inflation), and the let the cost flow through the economy to the consumers purse. Consumer and business behaviour will then be aligned with reducing emissions without even thinking about it, and we can all get on with our lives (and think about our pensions).
Given that small businesses employ over 58% of the private sector workforce (over 12 million people) and contribute half of UK GDP it's hardly surprising that they are seen as important.
If their conditions were improved they could employ more people and grow to boost the UK economy. It's a shame that the media and politicians don't pay them the respect that they deserve.