Vince Cable, British Secretary of State for Business, Innovation and Skills, delivered an important speech to members of the Institute of Director’s (IoD) at their annual dinner at the Lancaster London Hotel. Also present at the top table was local IoD chairman James Satariano, who attended the event as the personal guest of IoD director general Simon Walker.

Mr Cable joined the Liberal Democrat shadow cabinet over 12 years ago and rose through the ranks to become deputy leader from November 2003 until May 2010. Now in his new role he addressed members of the IoD and guests and took questions from the floor.

The highlight of the evening, however, was the speech given by Mr Walker: “A lot to do and a lot to undo”. In his first annual dinner speech as director general of the IoD, Mr Walker called on the British government to continue down the politically difficult but economically correct path towards recovery.

This, said Mr Satariano, echoed the stance of Malta’s IoD who are supporting all government initiatives and activities, “Dr Gonzi is absolutely steering the right course, all economic sectors in Malta are being supported by pro-active policies,” says Mr Satariano.

Mr Walker told the packed hall that over recent decades politicians have become cavalier about the UK’s competitiveness. He pointed out that while many in government have realised that times have changed, others are continuing the indulgent policies of a past age of affluence. “Something that we too have to guard against, Malta cannot afford a single cent deployed on any non-essential and non-productive administrative resources,” adds Mr Satariano.

The speech coincided with a new survey of over 1,000 IoD members, which reveals that 46 per cent have found that the burden of employment law has resulted in them making a decision not to expand their workforce at some point. “There’s red tape all over Europe; we have to fight this and make it easier for all businesses, especially small family business, to conduct their affairs,” contends Mr Satariano.

Mr Walker and Mr Satariano share the same approach when it comes to the role of the private sector in producing the leadership that delivers prosperity and growth: “It’s up to us as business leaders to create a more sustainable prosperity. What we all need is for government to help create a world-class business environment. It’s about making the right choices on energy policy, so we can keep the lights on in a cleaner, cheaper way. And it’s about freeing up blockages in the planning system so that we can build more houses and build the better infrastructure that we need.”

Other speakers included John Sergeant, former political correspondent, author and broadcaster. Mr Sergeant told anecdotes and stories about his time following Tony Blair and Gordon Brown while on assignments for the BBC as its political correspondent.

The other keynote speaker for the evening was Tim Smit KBE, the former record producer and charismatic founder of the Eden Project and the Gardens of Heligan. Mr Smit is a Dutch-born British businessman, famous for his work in Cornwall, Britain.

Mr Smit explained that Eden began as a dream in 1995 and opened its doors to the public in 2000. Over 13 million people have come to see what was once a sterile pit turned into a cradle of life containing world-class horticulture and startling architecture that is symbolic of human endeavour. Eden has contributed over £1 billion to the Cornish economy. Eden, he said, is proud of its success in changing people’s perception of the potential for and the application of science, by communicating and interpreting scientific concepts through the use of art, drama and storytelling, as well as living up to its mission to take a pivotal role in local regeneration. “We could do with a few projects of this type to be seeded in Malta,” said Mr Satariano, “If we don’t invest in our tourism brand to compete on a global level, we will be left behind.”