A new Barclays report has showed that the UK had a better environment for growth in the months leading up to the referendum than at any other time since 2011, due to access to finance, improved regulation and increased research and innovation. However, as Annabel Denham writes in Huffpost Politics, the environment for British entrepreneurship is still far from perfect.
While skills shortages are holding businesses back, low corporation tax and better regulatory conditions have helped improve conditions for the entrepreneur. Similarly, although the budget could have done more to lift the burden on businesses, pledges to invest in infrastructure and innovation will be a boost. Overall, the report suggests that “the wider picture is mixed” and we must hope that the Spring budget will make this country even more entrepreneur-friendly.
To read the full article, click here.
Chancellor Philip Hammond announced in the Autumn statement his plan to pump £400m of venture capital funds into the British Business Bank, unlocking £1bn of new finance for growing firms. Philip Salter responded in an article for Real Business:
Philip Salter, director of The Entrepreneurs Network, said:
“£400m into venture capital funds through the British Business Bank makes sense in the context of Brexit, given the expected need to transition from the European Investment Fund (EIF) after we leave the European Union.
“But the Spring Budget should be an opportunity to grasp the nettle: unburdening enterprise through cuts to the most destructive taxes and simplifying incentives – like the Enterprise Investment Schemes and Employees Share Schemes – while avoiding the excesses of previous Chancellors.”
To read the full article, click here.
The Telegraph has reported on the creation of the Small Business Taskforce – a group of organisations, including The Entrepreneurs Network, who have come together to champion SMEs in the UK. The Taskforce is key to protecting British businesses as it offers ministers a “sounding board” so they may understand how new regulations will effect businesses before they come into place. The Taskforce was created at a time of great change as Britain gradually prepares to leave the EU and the new government establishes itself, but it offers stability and a voice for millions of workers involved in SMEs around the UK.
The Taskforce’s open letter to ministers outlines the five central issues it wants to tackle:
- A flexible workforce including ensuring EU workers already in the UK have long-term resident rights
- A workable tax regime with small businesses consulted about any proposed changes
- Accessible business support
- International trade for all
- Consultation with small business
Read the full Telegraph article here.
The Huffington Post has reported on the Small Business Taskforce – a group of 14 business bodies (including The Entrepreneurs Network) who have come together to ensure Britain remains a start-up friendly country after Brexit. The Small Business Taskforce is calling on the new government to work out trade deals, budgets and immigration policies that help small companies as well as more established ones. Together, they represent over 1,000,000 businesses and the Taskforce includes Coadec, Social Enterprise UK and Forum of Private Business.
Read the full article here.
Philip Salter attended the a roundtable on the transformation of the property market, which was written up by Yessi Bello Perez of Tech City News:
“Philip Salter, director of The Entrepreneurs Network – a think tank for growing businesses and entrepreneurs – said there is a shortage of office space in cities such as London.
“The cost of renting is significant and is largely dependant on the current state of supply and demand. Price is also influenced by bad planning policies,” he explained.”
Read the full article here on page 29 of the Tech City News digital edition.
Many people can’t help but feel that the new government has somewhat turned its back on immigrants and entrepreneurs. Although Home Secretary Amber Rudd quickly backtracked on her plans to force firms to disclose their number of foreign workers, business-owners and workers alike remain concerned about the future of British enterprise.
This is why Philip Salter caught up with four entrepreneurs of four different nationalities (Romanian, Italian, American and British) to hear about their worries and why immigration is vital for the UK’s economy and society.
Read the full Forbes article here.
The Economist’s article included The Entrepreneur’s Network as a key group campaigning for a business-friendly Britain. There are fears that the UK has become less attractive to entrepreneurs following the Brexit vote, with the number of new business registrations slowing down as of June. However, the article suggests that policies such as cutting corporation tax, handing out city visas and giving guarantees for long-term EU residents could combat this uncertainty and help Britain keep its reputation as a top place for start-ups in Europe.
Read the full Economist article here.
Around the Leap 100 roundtable, most people would admit to being control freaks. However, as Charlie Mowat points out, there comes a time when your start-up is simply too big to micromanage and, as a founder, you need to hand over responsibility. For Mowat, this meant hiring heads of department, focusing on strategy rather than day-to-day affairs and letting other make mistakes. As he puts it himself: “I had to learn how to exert that control in a way that’s healthy for the business but satisfied my needs.”
Read the full City AM article here.
Philip Salter interviews nine key players in their own industries who will be speaking at Nesta FutureFest. From gaming to sextech to food, they all have their own reasons to be positive about the future.
Read the Forbes interview here.
The Sirius Programme helps high growth business ideas from international students to start-up in the UK, and it it thanks to them that we can tap into so much global entrepreneurial spirit to boost our own economy. The Brexit vote has raised many questions about the future of business in the UK but it is clear that we should do everything we can to keep harnessing the potential of these young entrepreneurs.
Philip Salter talks to three of the most successful female Sirius alumni here in Forbes.