The Blog of
Nadine Dorries
A bit of a do!
Posted Tuesday, 13 March 2007 at 19:03

I was invited to a dinner last night by the Chairman of the British Venture Capital Association. The dinner was at Claridges and George Osborne was the after dinner speaker. I don’t accept many dinner invitations. If I did I would be the size of a house, however, this one was a bit special.

 

At the dinner I sat next to John Moulson from Alchemy, an eminent Newsnight reporter, and a very impressive group of mid level investors. 5million +. It occurred to me that the accumulative wealth around the table was probably on a par with our GDP!

 

Private equity has had a bad press of late. It’s hard to see why. Jobs in private equity backed companies have grown faster than jobs in FTSE 100 and 250 companies, as have sales.

 

Exports from private equity backed companies have grown faster than the national average as has investment. A relatively new industry which can’t be more than fifty years old, there are some in the left leaning media who love to latch onto terms such as asset stripping, encouraged of course by the unions and left wing politicians.

 

George Osborne gave a speech which I hope provided the industry with some level of confidence. Private Equity Investment is now a fundamental part of the business environment within which the UK operates. Without it there is no doubt that many small business dreams would not, via start up investment, get off the ground. Those start up’s which do well, would find it impossible to expand, develop, adapt and prepare for flotation or merger.

 

The left wing criticism of private equity demonstrates a naivety and lack of understanding of how wealth in the UK is created, and worse, it brings to the fore the politics of envy, which always looks its ugliest when attacking those who do well – both for the country and the individual.

 

I am not in the slightest bit worried about the ability of the industry to stand up to the attacks being levied at it. It’s a grown up industry now, world class, it will have to withstand many more surprising and un-founded attacks.

 

 

Last night I learnt more than the statistics. I met wealth creators who quietly embraced philanthropy. Who, in addition to creating jobs and the eddy within which a whole sector of British business functions, provide support to those who make a difference to the lives of others.

 

They support the organisations and individuals who cannot produce the overnight statistics and profit margins, but who need investment in products, facilities and services, which are driven by a far more urgent human need than profit.

 

My advice to the BVCA would be to be bold. Your record speaks for itself; you can defend yourself against any spurious political ideological attacks thrown at you. Be brave, as you are and have been, and be proud – because you have a great deal to be proud of.

 

 

I remembered the invitation to the dinner about five minutes after I had left the house in the morning and did a u-turn to go back and gather up the evening clobber.

 

As I drove I made a mental list; evening dress, high sparkly heels, long coat, clutch bag, glittery eye shadow, Channel No 5, jewellery.

 

I pulled up outside, flew into the bedroom, and started the search. I began with the shelf in the wardrobe. I was sure that when I unpacked the bedroom during the move, I would have put the evening bags up there. Everything on the shelf ended up on the floor. I then made my way through the room, cupboard to cupboard, leaving a trail of chaos and destruction behind me. I was practically in despair after I had emptied the wardrobe floor out onto the bedroom carpet and could find no sign of my evening shoes.

 

The dogs sat down in front of me with a look of puzzled confusion, eyebrows up, ears perky.  Was this a new game? They were up for it; all I had to do was say the word and they would dive in!

 

Then I opened the last cupboard, and there before me in perfect order was everything. Evening make-up in a little basket - clutch bags all lined up in a neat little row. Evening jewellery in a new special box, next to the Channel No 5.

 

I remember now!

 

When I unpacked I designated a special evening cupboard to keep everything in one place in order, easy to find when in a hurry.

 

Hah, how organised and clever am I!

 

This is typed via my Blackberry. Grammar nerds don’t even bother hitting the comment button!!!

 
 
 
Anonymous said:
Responded: Tuesday, 13 March 2007
Wouldn't dream of it Nadine. I pay every day to read copy which is no where near as interesting as what you write with awful grammar.
 
 
Philip said:
Responded: Tuesday, 13 March 2007
You are being swindled by the PR of Private Equity. No one is saying it is a bad thing per se. Any more than fire is bad. It is when it is out of control that it becomes a problem. If Private Equity can be tamed with proper governance and increased transparency [under threat of legislation if necessary], all well and good. But if it continues to asset strip without regard for the wider community, then that is something else. Read Michelle Hanson's article in the Guardian today for a different point of view. p.s. You're a bit young to be wearing Chanel No 5 ? Thought something a bit more fashionable would be your bag ?
 
 
Anonymous said:
Responded: Tuesday, 13 March 2007
Good to see Conservative MPs are begining to speak up for british business again.its about time.
 
 
Nadine said:
Responded: Tuesday, 13 March 2007
Philip, I would love to discuss this with you, but I have to go and vote. However, will comment back 2mrw. I understand your point. As someone who has been involved with private equity via m&a and who is an absolute believer in the importance of re building society you can imagine you have hit a nerve! until later..
 
 
Cornish Pastie said:
Responded: Wednesday, 14 March 2007
Talking of maggotts, this is the same therapy being used at Plymouth hospital and been shown on Westcountry television.I wonder why it takes our MP's to try and push for such age old remedies to be widely used in our hospitals.
 
 
Anonymous said:
Responded: Thursday, 15 March 2007
Old news now sweetie - what are you doing for the rest of the week ?
 
 
said:
Responded: Thursday, 15 March 2007
Come on Nadine where's our next daily fix? Is this what I'm not paying my taxes for?
 
 
Lilly said:
Responded: Friday, 16 March 2007
You are really skillful with your Blackberry. Would certainly put George 'open system' Osborne to shame. When you next see him tell him to get better script writers and PR team - talk about blogging at RSA last week and his last entry is 16th December. Gives a single figure in the talk (via retorical question, boooo) and it is out by 36 Million on the day. Perhaps he and his team have improved in a week - I do not believe it but there is time for hope!
 
 
 
Contact Nadine
Nadine Dorries MP
House of Commons
London SW1A 0AA
via e-mail at: nadine.dorries.mp@parliament.uk
or Telephone on 020 7219 5928

 
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