When the government announced its plans to cut public spending, it was clear that the private enterprise sector would have the responsibility of stimulating economic growth and driving recovery. Consequently, many small business and company formation owners felt the government should offer more support to private enterprise.
While Osborne’s ‘Emergency Budget’ did offer some concessions to support small businesses – including a planned reduction in Corporation Tax and NI contributions – many small business owners feel that it failed to address some of the major challenges facing enterprise today, namely the lack of available finance.
A report conducted by the Forum of Small Businesses and Enterprise found that as the small business sector provides nearly half of all employment in the UK, the government should be doing more to support it, both from a policy level right down to providing more ‘hands-on’ support.
In the ‘Emergency Budget’ Osborne announced his plan to scrap the UK’s Regional Development Agencies and replace them with individuals who have been elected by people to help generate, support and represent enterprise in their area.
Small businesses are an integral part of the UK’s economic recovery and concentrating on supporting them at a local level can only be a positive step in the right direction.