The Government has announced that all the recommendations made in a recent report by the Enterprise Advisor, Lord Young will be accepted – including:
lifting the cap on Start Up Loans so that over 30s who aspire to set up their own business will be able to access funds and
Legislating to abolish pre qualification questionnaires (PQQ) on contracts under €200k across the public sector, and setting “single market” principles which suppliers can expect when doing business with the public sector. These principles would simplify and standardise the bidding, payment and advertising of contracts, and would remove the complexity, cost and inconsistency when trying to sell to more than one local authority or public sector body. This would help SMEs further access the £230 billion per year that is spent on goods and services across the whole public sector.
Business Secretary Vince Cable said:
Half of all jobs in this country come from small and medium sized business. So if we’re to get our economy going again, we must do all we can to support them.
Many of the measures we’ve focused on so far such as better access to finance, mentoring and scrapping red tape have already helped. There is a record number 4.8 million small businesses in the UK, and the figures have suggested record numbers of start-ups. 5,000 of them are now being backed by our Start Up Loans scheme, which is rolling out rapidly.
We now plan to do more and do it better, by making our schemes and the way we provide advice much simpler.