13 Feb 2013

BVCA publishes 'The Growth Initiative'


The British Private Equity & Venture Capital Association (BVCA) has today published 'The Growth Initiative', a series of policy recommendations for the UK Government designed to help get Britain back on the road to recovery.

The report is based on interviews with around 50 CEOs of UK businesses and their private equity and venture capital investors. The policy ideas are not from the BVCA but rather the direct suggestions of business leaders from across the country, from start-ups to large exporting multinationals and well-known high street brands.

The report was published at the BVCA's annual Chairman's Dinner on February 12th at the London Film Museum. This year's event marked the start of the BVCA's 30th anniversary and included guest speakers Bob Geldof and Iain Duncan Smith MP, the Secretary of State for Work and Pensions.

Launching the report, BVCA Chairman Robert Easton said:

"I hope 'The Growth Initiative' will add real value to the debate and lead to meaningful policy change to help businesses invest more and grow faster, and so create more jobs. After all this is a goal that politicians, businessmen and all of other stakeholders unanimously agree on."

The policy recommendations of 'The Growth Initiative' can be broken down into four categories:

Labour Market

Skills and training: Youth unemployment in the UK is now higher than every other OECD country apart from Spain and Greece and tackling it should be the number one priority. In doing so we can also address the needs of businesses in improving the skills of would-be recruits.

Visa reform: Hiring the right people is imperative for growth and productivity and in the current context should be prioritised, wherever they may come from, alongside measures to upskill our domestic labour force.

Tax and Regulation

The Government's commitment to getting Britain's public finances under control is one that should be applauded. The scale of the economic challenge remains significant, however, and there are still a number of areas which require attention both domestically and abroad. At home, the Coalition should strive to match rhetoric with more concrete action on cutting regulation.

Business Finance

Banks are not lending to first time customers, especially small companies, even those with large growth potential. Diverting all the capital we can muster towards viable companies in this space should be a priority.

Industrial Policy

Britain needs a well-targeted industrial policy if it is to win the 'global race'. The Government must not use political frameworks in designing policy. Instead it must select clusters to back those that have a key sectoral advantage and a geographic critical mass.


Notes to editor
  • The British Private Equity and Venture Capital Association (BVCA) is the industry body for the UK private equity and venture capital industry. The BVCA has over 500 member firms, representing the overwhelming number of UK-based private equity and venture capital firms and their advisers.


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