Shadow chancellor George Osborne has accused the government of an ‘economic incompetence’ that has left the country unprepared for challenges.
Launching the Enterprising Britain report, a study commissioned by the Conservatives on the UK’s environment for enterprise, Osborne said:
“I commissioned this comprehensive report to find out why it’s harder than ever for entrepreneurs to create jobs and build businesses, and how we are going to fix these problems.
“What it has exposed is the damage done by Labour’s economic incompetence that leaves us less well prepared for the big economic challenges.”
The report suggested that 32% of entrepreneurs think increased tax rates would force them to consider relocating their businesses outside of the UK.
Nearly 80% said the current tax system was too complex and had a negative impact on their businesses as a result of taking up managerial time.
The Conservatives have now set out their recommendations to make Britain the ‘enterprise capital of the world’.
Osborne proposed a simpler tax system with lower Corporation tax and more incentives for reinvestment in start-ups.
He also suggested mentoring schemes for young entrepreneurs as well as more focus on business skills in schools.
A national Dragons’ Den style system was also proposed as a way of improving financing options for growing companies and making it easier for business angels to invest as syndicates.
© Crimson Business Ltd. 2008
