Britain is a great place to start a company, but a bad one to scale it up
Too often, the equity capital dries up along the way
The macmillan report of 1931 was nothing if not ambitious. Commissioned by the Treasury, its objective was “to inquire into banking, finance and credit…and to make recommendations calculated to enable these agencies to promote the development of trade and commerce and the employment of labour”. Today it is best known not for its musings on central banking or the gold standard, but for its diagnosis of the “Macmillan gap”.
This article appeared in the Britain section of the print edition under the headline “Start up, fade away”
Britain June 25th 2022
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From the June 25th 2022 edition
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