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Chuka Umunna calls for increased access to finance

Chuka Umunna MP, Shadow Business Secretary, used a visit to Liverpool to engage with Merseyside entrepreneurs and address challenges, including access to finance and apprenticeships.

In an event organised by Downtown Liverpool in Business, Mr Umunna, who is identified as a rising star of the Labour Party, stressed the crucial role that growing enterprises have to play in rejuvenating the economy. He also expressed concern that these businesspeople are not given sufficient support by the government, and outlined his vision to change this.

Mr Umunna said that it’s the role of government to support these businesses in any way possible, but acknowledged that many feel apathetic or intimidated when applying for support, a sentiment echoed by Downtown members in attendance. He conceded that rectifying negative perceptions by increasing access to funding was a priority for Labour.

Employability and skills were also a major talking point at the event, with many employers of young people in attendance. Whilst apprenticeships were unanimously backed and supported by delegates, there were concerns raised about the amount of red tape.

However, Umunna praised the apprenticeship scheme spearheaded by Liverpool Community College, which is the largest of any college in the UK and supports students across a wide range of industries. He was particularly impressed by the college’s Enterprise Club, for budding entrepreneurs, which he visited last year. The MP for Streatham then signalled his intention to loosen the restrictions around apprenticeships, for the benefit of young people and businesses alike.

It is of utmost importance, he said, that skills money is given to the businesses that will be providing young people with the platform to kick-start their career rather than being tied up in initiatives than do not provide tangible benefits.

DLIB Chief Executive Frank McKenna said: “It’s always a pleasure speaking to Chuka as he is an impressive politician who is not afraid to say what he thinks. Rather than hiding behind a desk, he will come and discuss issues that matter to Liverpool businesses face-to-face. Our members took full advantage in airing their views to him this morning, and I know that Chuka values the importance of these sessions, as he recognises that businesspeople are the force that will drive our economy forward.”

Chuka commented: “It is fantastic to be in Liverpool speaking to entrepreneurs and business owners – the wealth creators for our country – to listen to their concerns, hear their ideas and discuss the action they need to help them grow and take on extra employees.

“Labour passionately believes that we need more people setting up, leading and working in business and at a time when growth has flatlined because of the government’s failed policies, it is more crucial than ever that we support those taking risks to set up in business.

“Labour is engaging with businesses of all sizes the length and breadth of Britain as we develop policies to build a rebalanced economy which can better deliver the jobs and growth we need.”

For more information on Downtown Liverpool in Business, please visit: www.downtownliverpool.com

This was posted in Bdaily's Members' News section by Thomas Merton .