Shadow Business Secretary speaks at Fuelling Ambitions seminar

The Shadow Business Secretary, Chuka Umunna, yesterday (3 July) renewed calls for a new British Investment Bank to support small and medium sized businesses at a seminar hosted by law firm Winckworth Sherwood and accountancy firm Buzzacott for SMEs in London.

A British Investment Bank, perhaps modelled on the German commercial banks, would replace the fragmented support offered to businesses by the government that is currently delivered through 15 different schemes and made available via six separate websites.

The Buzzacott and Winckworth Sherwood ‘Fuelling Ambition – the political perspective’ seminar attracted 60 managing directors and owners of businesses and their advisers from across the capital. 

The seminar was held on the morning that Barclay's bank chief executive, Bob Diamond, announced his resignation and opened with the Shadow Business Secretary calling for a full inquiry into the culture that exists in the City's banks and financial institutions.

Chuka Umunna reminded delegates that “financial services sector is crucial to our economy, but it is a part, not the whole of British business.”

Delegates heard how the Shadow Business Secretary would like to greatly simplify the way businesses interact and access government support and finance and look to build cross party policies that will support businesses beyond the political cycle.

Chuka Umunna MP said: "For too long financial support from government to businesses has been channelled through intermediaries, with too little reaching businesses.  A business bank would be better able to channel this support in a more direct fashion". 

“Such a bank would initially be publically owned, but could be privatised at a later date introducing much needed competition into the business banking market.”

Simon Wax, partner in the Corporate and Business Services team at Buzzacott said: “SMEs face an enormous number of challenges – access to finance, a shortage of skills and increased international competition to name but a few.  This seminar gave delegates the opportunities to put their views across to the Shadow Business Secretary and we believe that he took their concerns on board.”

Richard Tinham, partner and head of Winckworth Sherwood’s Corporate and Commercial team, adds: “We were delighted to have Chuka join us for breakfast, particularly when facing such a busy day in Parliament.  He outlined the Labour party’s vision for the business and delegates took comfort from his strong advocacy for their efforts and contributions.”

Winckworth Sherwood and Buzzacott’s 'Fuelling Ambition - the political perspective' seminar is the first in a series of four seminars looking at the various aspects of managing and building a successful business.  The next seminar 'The management perspective' is to be held on 11 September.  Speaking will be Hardeep Rai, a business management professional with Hamilton Bradshaw Venture Partners, a leading mid-market private equity firm, and Ian Muir, a former executive committee member of Chartered International plc and now senior business adviser.

To register a place at the upcoming Fuelling Ambitions seminars please contact marketing@buzzacott.co.uk.