Today I published a paper on how to get Britain growing faster, so we can all enjoy more jobs and money. Helping to make my fellow citizens richer and more successful is one of my passions. The paper 10 Points for Growth was published by the Centre for Policy Studies. In this paper, I set out some ideas on how we can see increased inward investment, encouragement for smaller businesses and a reduction of the regulations that hold back growth.
Why do these things matter? Britain has been losing out on big business investment in recent years. Larger businesses employ 1 million people less now that they did a few years ago. Inward investment by larger business would be boosted by a lower rate of corporation tax - 19% by the end of the Parliament would make a massive difference. Reforms to make the UK a more attractive location for corporate headquarters would help make us the corporate centre of Europe as well as the financial services centre. While reforms to the London equity markets would help the UK become more attractive for corporate share listings as well as a headquarters location.
Smaller businesses account for six out of ten UK jobs. Yet smaller businesses find it hard to raise the capital they need to expand. Investment would be helped by the expansion of the business growth fund. Reform of the tax incentives for smaller business investment like the EIS and VCT schemes would help entrepreneurs grow their enterprises faster. Smaller businesses need greater help when it comes to exports - a fundamental reform of Britain's export assistance could get such businesses the help they need to expand overseas.
Finally, regulatory reforms would help to clear the barriers to growth. The formation of new businesses is internationally recognised as a key part of any recovery. The New Enterprise Allowance could be expanded to encourage even more new enterprises to be formed. The new Enterprise Zones could be used in new and different ways to boost growth – for example the Transitional Enterprise Zones I argue for in my paper. While the reform of employment law would encourage the creation of more jobs and help increase the growth rate of the UK.
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