Fast, innovative, aggressive: Wonga is an example of what Britain does well

Far from punishing companies like controversial payday-lender Wonga, Britain should be cheering them on, says Matthew Lynn.

A high-tech British start-up? One making enormous profits, hiring staff, and expanding around the world? With all the talk of industrial strategies, you'd think this was a business that everyone was praising to the rooftops. But everyone hates it and wants to see it hounded out of business. Why? Because it's Wonga.

And yet many successful companies are not entirely pleasant. Britain needs to make its way in the world and Wonga is the kind of thing we are good at. We should be getting behind it not trying to close it down.

Subscribe to MoneyWeek

Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Get 6 issues free
https://cdn.mos.cms.futurecdn.net/flexiimages/mw70aro6gl1676370748.jpg

Sign up to Money Morning

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Sign up
Matthew Lynn

Matthew Lynn is a columnist for Bloomberg, and writes weekly commentary syndicated in papers such as the Daily Telegraph, Die Welt, the Sydney Morning Herald, the South China Morning Post and the Miami Herald. He is also an associate editor of Spectator Business, and a regular contributor to The Spectator. Before that, he worked for the business section of the Sunday Times for ten years. 

He has written books on finance and financial topics, including Bust: Greece, The Euro and The Sovereign Debt Crisis and The Long Depression: The Slump of 2008 to 2031. Matthew is also the author of the Death Force series of military thrillers and the founder of Lume Books, an independent publisher.