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News Headlines

Business loan for Beatles-like success

Reported on Mon, 27 Feb 2006

Small and medium sized enterprises (SMEs) should take out business loans to translate the musical success of the Beatles in the 1960s to the business world, the UK trade secretary has said.

Speaking at the Lord Mayor's dinner at Mansion House in London, Alan Johnson explained that UK SMEs should be doing all they could to "recreate the spirit of Abbey Road", which he believes would lead to "Sergeant Pepper economics", which was the name of the Beatles' iconic 1967 album.

Explaining his eccentric comments, Mr Johnson revealed that SMEs had to continually invest in new business areas and adapt to changing commercial climates.

"If the Beatles had carried on producing albums like Please Please Me, they'd have ended up with a dwindling catalogue, dwindling sales and a dwindling audience," he said.

The trade secretary likened the Beatles' musical experimentation to the need for businesses and entrepreneurs to develop innovative new business models.

He said that "by drawing from global influences on the one hand, like the sitar, Californian harmonies and gospel, and scientific advances on the other, like multi-tracking, back loops and flanging, they [the Beatles] made every album sound fresh and new".

A low-rate business loan can allow SMEs to invest in new areas and remain competitive and innovative.

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