Thursday, January 29, 2009

"Only the market can save us from the crisis"

Great article in the Telegraph yesterday by Sir Terry Leahy, chief executive of Tesco on the need for governments around the world to avoid actions that would impede free trade.

You should read it yourself but this section jumped out at me:

"Siren voices, calling for ever more regulation and intervention, must be ignored. That way lies the rocks, and the reason is simple enough. The more we regulate business, and the more that a government spends, the greater the burdens on the private sector – companies of all sizes that employ many millions of people, and whose taxes pay for public services. The higher those taxes are, the less there is for companies to invest, the fewer jobs they can create, the longer and darker the recession will be."