The Conservatives have put all of our eggs in one basket

At the end of last week news broke that one of America’s biggest banks had collapsed. The Conservatives typically say they don't believe in 'planning', but it quickly became clear this was one sector they wanted to protect. It only took one weekend for them to step in and arrange for HSBC to take over Silicon Valley Bank’s UK arm. London's tech industry breathed a sigh of relief. There is no doubt that the bank’s failure would have hurt employees and owners of London-based tech companies, but the urgency with which the UK government reacted raises questions about the Conservatives' real priorities. 

In 2019 the Conservatives stood on an agenda for ‘levelling up’, promising to spread power and opportunity across the United Kingdom. Many people saw this as a welcome acknowledgement that the UK economy had become too dependent on urban-centred financial services. People wanted a return to strong local economies with flourishing high streets. They hoped the government would do more to support regional economies by promoting other sectors such as agriculture, manufacturing and higher education.

Yet the Conservatives have reverted to type and rushed to protect the London-based services industry from market failure. No government money has been spent to protect Silicon Valley Bank UK, but many people across the country will be wondering why local businesses in their areas don’t merit the same urgency or protection at a time when the rural economy is really suffering.

Small businesses across Brecon and Radnorshire are closing because they cannot afford rising energy costs. Critical parts of the supply chains that underpin the rural economy are disappearing, such as abattoirs. 1000 young people leave Powys every year to seek employment or study elsewhere. The rural economy is contracting, a long-term trend accelerated by Covid, Brexit and an ongoing lack of profitability in local industries. The modern Conservative party no longer understands these areas, let alone cares for them.

Why not? This Conservative party is led by MPs who are putting the interests of the financial services sector before those of small businesses – Rishi Sunak was an investment banker before entering parliament. Following last week's news, well-connected industry groups like Coadec, an industry forum for tech companies, swiftly appealed to the Treasury for government help and received it promptly. Farming unions across Wales will be left wondering why their own lobbying, for instance on the impact of trade deals, was not taken as seriously.  

This is why rural communities like Brecon and Radnorshire need a voice in Westminster fighting their corner in Westminster. People here remember Richard Livsey and Roger Williams doing the same. Today Liberal Democrat MPs such as Tim Farron, Helen Morgan and Alistair Carmichael are standing up for their rural communities in Westminster - more than can be said of our current MP. 

The Conservatives cannot stake the future of the UK economy on one industry or one city. We need widespread economic growth that includes a plan to rebuild rural economies and the communities they support. Let’s share the eggs around.