Cameron: SMEs are ‘engine of our economy’

High growth businesses are the engine of the UK economy, according to David Cameron and the Confederation of British Industries and the British Chambers of Commerce welcome his words.

The Prime Minister addressed the Conservative Party conference yesterday with a speech that focused on leadership and growth, and which touched briefly upon what Chancellor George Osborne earlier flagged about small businesses.

Cameron remarked that the government was ‘taking action now to get credit flowing to the small businesses’ and outlined a few key measures that they were putting into place.

CBI chief policy director Katja Hall comments, ‘Small and medium-sized businesses are particularly important to recovery, and it was good to hear him [Cameron] talk about ways to help these companies to grow and create jobs.’

BCC director general John Longworth also salutes the speech saying, ‘Businesses need continuous reassurance that there is a plan for fiscal stability.’

He adds, ‘The Prime Minister’s task was to highlight the need for optimism about the future of the economy, and he delivered on this critical point.’

Cameron discussed having to make controversial decisions so that businesses can grow such as restructuring taxation.

He claimed his government is ‘reforming taxation to encourage enterprise and investment in high growth firms’. He moved on to discuss the need for a skilled workforce and vowed to provide the funding and cut the red tape if companies show leadership and provide more apprenticeships.

Hall of the CBI comments, ‘The Prime Minister rightly identified that we need a skilled workforce – more firms could get involved as and when the labour market allows.’

Planning was the final thing he spoke about on the issue and stated that ‘our businesses need space to grow’ and outlined the government’s plans to reform the planning system. He told the packed party conference, ‘If a new manufacturing plant is built in your area – your community keeps the business rates.’

This scheme is also welcomed by the CBI with Hall saying, ‘The government’s new framework will give local communities a chance to decide whether or not they attract new jobs and opportunities to their area.’

Todd Cardy

Todd Cardy

Todd was Editor of between 2010 and 2011 as well as being responsible for publishing our digital and printed magazines focusing on private equity and venture capital.

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