New Government measures to help small business in Waveney have been welcomed by MP Peter Aldous. In its June Budget, the Government took direct action to help small firms – stopping the previous Government’s rise in Employer’s National Insurance contributions, cutting the small profits rate of corporation tax, increasing CGT entrepreneurs’ relief, and setting out ambitious plans to tackle red tape.

Now, Ministers have set out more help for small and medium-sized enterprises. They are:

• extending the successful Enterprise Finance Guarantee, giving businesses access to £2 billion of lending over four more years;


• continuing the successful Enterprise Capital Fund programme that will enable high-growth start-ups and SMEs to access important venture capital investment;


• supporting business angels by exploring options to relax EU regulations on promotion and activity and continuing the Enterprise Investment Scheme;


• seeking to direct a quarter of all central government procurement to SMEs, and auditing departments to ensure that they increase their rate of SME procurement year-on-year; and


• removing the existing bar on starting a business in social housing and encouraging tenants to pursue their enterprising ideas.

Meanwhile, Lord Young has been appointed as David Cameron’s adviser on enterprise. As his first task, he has been asked by the Prime Minister to write a 'brutally honest' report examining how government departments interact with and affect small businesses.

Commenting, Peter Aldous said:

“Small and medium-sized enterprises account for 99.9 per cent of all businesses across the country, and they are vital to our economy in Waveney. That’s why I welcome the Government’s plans to help small businesses be at the heart of economic growth here and across the country. Supporting enterprise is vital to getting the economy moving again.”