By Francesca James
On the eve of the chancellor’s Autumn Statement, businesses are calling for measures that will help develop the UK’s entrepreneurial spirit.
With George Osborne about to give what will be a difficult statement that is expected to include more austerity measures, there are demands from the business community for a raft of initiatives that will help SMEs to boost growth in the UK economy.
Serial UK tech entrepreneur, Dan Wagner, who is CEO and Chairman of mPowa, said, “Businesses need an environment that allows innovative entrepreneurs to flourish and grow — the stability of the UK’s economy relies on it. As we head into 2013, the chancellor, and indeed the entire Government should think carefully about creating an environment and culture of investment which empowers entrepreneurs and businesses to become successful. This in turn will create jobs and a much needed shot in the arm for the British business landscape.
“Businesses in the UK are in what is a make or break time for them. After emerging from a double dip recession, there are hopes of creating growth and opportunities. A business bank that encourages lending to SMEs will be a positive step as many have struggled to secure funds during the financial crisis. However, the support that businesses, particularly startups, need goes beyond this. Removing capital gains tax for those investors who take the risk of investing in startup companies — companies that, when provided capital to prosper, will pay taxes (NI, VAT, PAYE), provide jobs, stimulate exports amongst other things - would instantly unlock billions of potential investment from abroad and help it flow to Britain.
Dan concluded, “We have a wonderful entrepreneurial spirit in the UK and there are many good business ideas and young entrepreneurs who do not get the funding or support they need. This is a measure that would really help to achieve that.”