Filippo Gaddo, Managing Director at A&M and SPE Councillor, interviewed Jon Moynihan, business and venture capitalist and author of a two-volume book Return to Growth .

Filippo speaks with Jon about his recent book Return to Growth, where he explores the decline of economic dynamism in the UK and other Western nations, identifying three major obstacles—termed the “three devils”: excessive government spending, high taxation, and overregulation. He argues that these devils stifle entrepreneurialism and inhibit the flow of capital necessary for growth. In his second book, Moynihan contrasts this with the “three angels,” or solutions: free markets, free trade and sound money. He emphasizes that genuine economic growth emerges not from government direction but from the initiative of private entrepreneurs operating in a free market. Drawing on history, he highlights how innovation and prosperity flourished in periods of minimal regulation and targeted investment. The conversation also touches on political challenges, such as the resurgence of protectionism and tariffs, particularly in the US. Jon warns that misguided economic nationalism could repeat the mistakes of the 1930s. Despite political headwinds, he remains cautiously optimistic, citing some growing interest in more free market ideas across party lines.  In the final part of the interview Filippo and Jon focus on what is needed going forward: Jon stresses that rekindling economic growth requires a clear moral and practical case, alongside bold leadership and a renewed public understanding of how free markets drive prosperity.

Jon Moynihan is a businessman and venture capitalist who started his career advising companies and banks in the Netherlands, the US and the UK as a specialist in mergers and turnarounds. He then ran the global firm PA Consulting Group for twenty-one years. He subsequently transitioned into venture startups, creating over twenty companies to date, most of them in the science and technology fields. Jon has worked as a volunteer in the charity sector all his life, including in Bangladeshi refugee camps and other developing countries; in educational think tanks, both managing and fundraising for charities; and in the arts sector, where among other activities he was president of the Royal Albert Hall for a number of years. Jon sits in the House of Lords as Baron Moynihan of Chelsea.