Invesco Perpetual income guru Neil Woodford has hit out at MPs for their reaction to the G4S Olympic security debacle, claiming their response has put the UK recovery at risk.
Woodford, who owns approximately 5 per cent of G4S shares, said the treatment of chief executive Nick Buckles at last month’s home affairs select committee was like watching “a medieval persecution”, adding that the whole shambles put the economy at risk by discouraging businesses to come to the UK.
He said: “If this is the way Parliament wants to treat business, please Parliament, don’t be surprised when businesses decide this isn’t the country for them.”
Woodford (pictured), who manages the £12bn Invesco Perpetual High Income and £9.3bn Invesco Perpetual Income funds, said the behaviour of the MPs was “incredibly damaging for the economy and for this country”.
According to The Telegraph, he said: “It’s more broadly important because it sets a terrible precedent. Chief executives will have watched that hearing with horror. It’s disgraceful and very damaging. Companies will be thinking twice about bidding for any government work.”
This morning G4S revealed that its contract to provide security for the London 2012 Olympic Games has cost it £50m. The firm’s share price was down 1.8 per cent in early trades.