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Competitiveness Minister meets North East entrepreneurs

Competitiveness Minister Stephen Timms met with 30 small business owners in the North East yesterday to ask what Government could do to further growth among Britain’s businesses in the region. The meeting was the latest in a series of consultation events with business owners intended to be the first stage of a new enterprise framework.

Entrepreneurship plays a central part in the UK’s economic success with small and medium enterprises employing 13.2 million people and contributing £369 billion to UK’s economy every year. However, while the UK compares well with other European countries, the percentage of growing firms is significantly lower than in the US.

The entrepreneurs at the meeting were asked to consider what the Government could do to help small and medium enterprises take advantage of increased globalisation, where they think public policy is supportive and where it is not. They were also asked what they think the main barriers to starting a business in the North East are.

Stephen Timms said: “Britain has seen a significant increase in the numbers of small businesses in the last four years. We must now build on this success and ensure these small enterprises grow and take advantage of the new global markets. “That’s why I have asked some of the North East’s most successful business people to tell us what barriers they faced and give us their ideas on what more Government can do to ensure we make the most of the entrepreneurship of the British people.

“There are more than one million more people working in small and medium sized enterprises than seven years ago so there are signs of growth. The Government now needs to build on this success. We also need to be sure we keep renewing and refreshing our knowledge on what barriers to growth businesses face today.”

This was posted in Bdaily's Members' News section by Ruth Mitchell .