Enterprise strategy making UK the best for business growth

12th March 2008

The Government has published Enterprise: Unlocking the UK's Talent, a new 10 year strategy to make the UK the most enterprising economy in the world - and the best place to start and grow a business.

It is designed to unlock the nation's entrepreneurial talents; boost enterprise skills and knowledge; help new and existing business get funding to start up and grow; and ease the burden of regulation - particularly on small firms which feel its impacts most.

Specific proposals include:

• Consulting on the introduction of a new system of regulatory budgets for Government departments that would set out the cost of new regulation that could be introduced within a given period. This would be a world first 
• Exempting or simplifying enforcement of new regulation for small firms where possible 
• An independent review, led by Sarah Anderson, to recommend ways of giving small businesses greater certainty on how to comply with legislation, initially focussing on employment law 
• Extending lending and funding schemes including allocating a 20 per cent increase to the Small Firms Loan Guarantee Scheme, extending eligibility to growing businesses more than five years old, committing £12.5m to co-invest in a £25m capital fund investing in women led businesses and £30m support for mezzanine finance provision through Enterprise Capital Funds to fill the market gap 
• An additional £30 million to extend enterprise education to primary schools and further education colleges 
• A National Enterprise Academy, in partnership with entrepreneur Peter Jones, offering skills training and qualifications to 16 to 19 year olds
• Funding for the National Council for Graduate Entrepreneurship to establish a national network of university enterprise clusters 
• Tailored support for young entrepreneurs, the over 50s and women
• A set of detailed measures promoting business to business mentoring, work placements, skills training, improved careers advice on self-employment and access to business support and to finance for growth.

There will be independent review of the barriers to SMEs winning a greater proportion of Government contracts, to be led by Anne Glover of Amadeus. This will include studying the practicality of a 30 per cent target for Government procurement from SMEs.

In addition, to reduce delays for travellers at Heathrow, new targets are being introduced to reduce queuing at security along with incentives to invest in improved facilities for passengers, greater use of automated biometric technology and, together with airlines, development of a fast track route through immigration.

The new policy priorities are the result of six months of extensive consultation with more than 600 businesses and business leaders, meetings with representative bodies and of economic analysis of what drives enterprise and growth.

Prime Minister Gordon Brown said: "The UK is well placed to meet the challenges of globalisation but our ability to succeed in the new world will be defined first and foremost by our adaptability. Our success as a trading nation - whether in products, services or knowledge - has and will always result from a spirit of openness, enterprise and innovation. We must unlock this talent."

Business and Enterprise Secretary John Hutton said: "We want more new and growing businesses in the UK and more companies and people acting on their enterprising ideas. The UK's long term prosperity lies in unlocking the talent of enterprise for people from all sections of society and in our small businesses, helping them to grow."

Today's announcement builds on the Government's successes of the past decade, which have focused strongly on enterprise as one of the key drivers of productivity. The UK now has a record four and a half million businesses; higher business survival rates; and an internationally recognised environment for enterprise.

Published jointly by HM Treasury and the Department for Business, Enterprise and Regulatory Reform, it details five areas where Government will focus its efforts. These are:

• Culture - developing an enterprise culture where everyone with entrepreneurial talent is inspired and not afraid to take up the challenge of turning ideas into wealth
• Knowledge and Skills - ensuring that people and businesses have the tools to support the growth of their businesses
• Access to Finance - ensuring start ups and growing businesses can get the finance they need 
• Business Innovation - reinforcing innovation's role at the root of all entrepreneurial activity 
• Regulatory Framework - recognising that unnecessary or complex regulation can stifle enterprise and have a disproportionate impact on small firms.

Enterprise: Unlocking the UK's Talent, is the first complete new strategy from the Department for Business, Enterprise and Regulatory Reform since its creation last year to bring fresh impetus to the Government's support for business growth and rising productivity.

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