“Tough periods call for tough regulation and cautious, thoughtful investing; all backed up by public confidence,” James Caan continues.
The Dragon and CEO of private equity firm Hamilton Bradshaw believes that the recurrent coverage of excessive bonuses in national newspapers has shattered confidence in the banking industry: “The sooner public confidence returns, the sooner the economy is bolstered by the public’s high-street dollars. If we’re going to come out of this recession standing, or even alive, we have to remain sensitive to the public sentiment.”
Caan cautions that if we hit the banks too hard, bankers will go running – but something has to give. “Remember, the government’s not advocating a complete prohibition, only careful regulation,” he says. “If we maintain lines of communication between both bankers and the public, we’ll resolve problems quickly enough. Moderation is the only viable conclusion. Once we have bypassed this current stressful period we might be able to have a more sustained debate but the current situation demands immediate action. And that is what the government is doing.”
James Caan and science and innovation minister Lord Drayson recently launched the iawards to celebrate the best of cutting-edge British science and technology. For more information – and to enter – click here. The closing date for entries is 16 September and the iawards gala dinner will take place at the Science Museum on 16 November.