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On investment: the doesn't appear to be any data in the CBI survey about the type of respondent. My understanding is that thee is a split on investment between large companies and SMEs. large companies have substantial reserves and are mainly not investing for confidence reasons. our Chancellor and the Government have massively contributed to this lack of confidence by their foolish exaggeration of our debt and deficit problem. However, SMEs that can expand are finding it hard to get finance. That's where the CBI survey doesn't tell us if this is true or not, but lots of other sources suggest it is. I suspect the CBI data may be heavily weighted to large enterprises. I would be very interested to know what others think about this, and especially to see further evidence either way. Historically of course there is a well established bifurcation between financial and industrial capital in UK, as the City grew out of the land-aristocracy and had weak social ties to the industrial capitalists. In other capitalist countries the industrial and financial elites were much more closely integrated.
Toggle Commented Dec 9, 2012 on The investment problem at Stumbling and Mumbling
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Dec 9, 2012