The owner of Europe's largest privately owned technology company has said that high tech employers find themselves having to finish the job of universities in the workplace because they are not getting the skilled people they need.

Sir Peter Rigby, owner, chairman and chief executive of of SCC, was speaking to the Today programme's Simon Jack and said that "you have to develop people yourselves".

Sir Peter began his business with £2500 in 1975 and now his company generates annual sales of 10,000 times that amount but he said that even in the current challenging economic climate, the principals are the same and the opportunities are there.

"It is down to individuals," he said, adding that he never wanted his company to go public because he wanted to stay in control.

He went on to say that the "short-termism" of having to give quarterly results to shareholders is at odds with the IT industry where long term investments have to be made.

Sir Peter, who also owns Coventry airport, weighed in on the argument over whether to build a third runway at Heathrow airport, and said that while he did not think it should be built, it would probably go ahead.

He also said that the coalition government "could do more" in wealth creation and reducing the deficit.

"We have to be seen to be putting the housekeeping right," he said, "we are in a massively competitive world and we have to step up".

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