The Politics of Angel Investment: Bill English on National’s policies

This week we present the final interview in our series on political party policies on investment and innovation.

The Hon Bill English, former Leader of the Opposition and current Finance Spokesperson has had a hand in National Party economic polices since the mid-1990’s.  His approach to innovation and investment is probably best summed up by his opening and closing sentences in the interview:

National’s approach is to create the best broader environment we can create in which people can make their own decisions

and

The economy succeeds when people demonstrate initiative, determination, and commitment, and get a reward for that.  Profit is not a dirty word, it is the engine of growth, it’s the source of jobs and investment … We want to create an environment where … angel investors … can thrive.

He alludes to “lower tax rates, less regulation, and certainty about the regulatory environment” as key ingredients in a healthy business environment.

He says that National will review the government’s activities in the innovation ecosystem over the last nine years.  “It’s time to ‘freshen [it] up’ – there are 13 innovation agencies, and that’s an oxymoron.  Government can’t create an innovation system – this must be done by people with capital and ideas.”

However given the opportunity to comment on whether Labour government’s approach specifics were “good or bad”, he seemed reluctant to provide specific criticism, other than on the R&D tax credit which he says results in much reclassification.

I had gone into the interview expecting more of a positive vision.  That said, I have no doubt that if elected, National will have a good look at the existing innovation system, with a view to simplifying it and improving efficiency in delivery.

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