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5 key changes Hammond can make through Spring Budget 2017 to unleash British business, from Smith & Williamson Scale-up expert, John Morris.
The Chancellor has a unique opportunity at the upcoming Budget; he can bolster the confidence of British business as well as providing a roadmap that can be followed for years to come.
Scale-up businesses have the potential to create over 150,000 jobs and add up to £225bn towards UK GDP by 2034. There are some very simple and, relatively, inexpensive solutions that the Chancellor could introduce to assist entrepreneurs and their scale-up businesses.
The appointment of a scale-up champion is a great step forward but it is vital that there is a comprehensive plan, it can’t just become a series of ad-hoc measures that target one area and then another. Businesses, and investors, crave certainty and a plan will provide them with that.
There has been a lot of exemplary work done by government, and industry bodies, in giving businesses the tools, information and funding to grow. However, it is incredibly hard to actually find all the information and ensure it is not out of date. Government needs to do a better job of communicating the benefits, that are widely available, to those who most need it.
While the decision to leave the EU has brought uncertainty it has focused government attention on other export markets. One area they should look at is encouraging our scale-up businesses to export. They could do this via matched funding through the Business Growth Fund, guaranteeing losses up to a point or even offering further tax relief to those looking to export.
Encouraging investment in scale-ups from private companies could reap huge benefits to all involved. Scale-ups receive funding, and likely practical advice from companies keen to see their investment grow, scale-ups will produce jobs which will kick-start the economy and increase tax revenues.
It may not be exciting but it is absolutely vital to measuring the success of our scale-ups. With adequate reporting politicians, investors and scale-ups themselves can identify key areas in which funds, expansion or expertise could be used.
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