The Coalition government announced another initiative to pull people out of unemployment and push up economic growth. Small to medium sized business (SMEs) entrepreneurs will benefit from easier access to finance. Business collaborations with the public sector will be expedited as bureaucratic red tape is cut.
In addition, social housing tenants will be encouraged to set-up businesses from their home.
The Small Business Minister Mark Prisk MP has high hopes for SME’s whom he expects to contribute over half the national GDP:
“As a former small business owner I know how important our SMEs are to the growth of this country. I entered government with the goal of making this the most entrepreneurial decade in our history and I’m confident today’s announcements will help make that a reality.”
The Housing Minister, Grant Shapps MP reinforced these moves were for benefit of everyone across the social spectrum:
“Tenants should have the same opportunities as anyone else, and landlords have the key to unlocking this untapped entrepreneurial talent. I want them to get the message out loud and clear to their residents that wherever possible, and in the majority of cases, they will be able to set up and run their new businesses from home.”
The ease of access to government contracts will be boosted by the coalition’s commitment that 80% of prime contractors are paid swiftly within 5 working days, whilst also ensuring these contractors pay their suppliers within 30 days.
Mr Prisk’s ambitions will be further aided by Lord Young – Mrs. Thatcher’s former trade secretary- who succeeds Lord Sugar to the post of Business tsar.
