Callaghan losses show Government must stop picking winners

In response to reports of mounting losses from Callaghan Innovation’s business loan book, Taxpayers’ Union spokesperson Tory Relf said:

“The Government must simply stop trying to pick winners. These are either loans too risky for private investors or opportunities good enough to attract private money without taxpayer backing.”

“Callaghan should stand as a warning before the Regional Infrastructure Fund repeats the same mistakes. Government corporate lending should be abolished.”

“Government will always have a role in funding basic scientific research, but early-stage commercialisation should be left to venture capitalists, who have greater expertise and a financial incentive to make better investment decisions.”