4. Making it easier to get off the ground
A number of people said that businesses need more support for their difficult early years.
Olly Olsen, co-founder and co-CEO of The Office Group, said: In the first few years of their existence, when money is tight, there should be an exemption from tax for start-ups. If the tax burden is decreased then the additionalfunds could be invested into expansion and the creation of new jobs.
Adam Bromley, MD of PIQWIQ Publishing, said: Those initial months are the hardest of all, with many business owners working unpaid, living on credit cards and operating with funds borrowed from friends and family.
“Every single penny counts and every penny that leaves the business in corporation tax is money not available for investment, expansion or even the daily challenge of cashflowing existing operations.
5: Encouraging more people into entrepreneurship
Britons have more of an appetite to start their own business than ever before, but some entrepreneurs told us we can do even better.
Stuart Miller, CEO and co-founder of ByBox, said: Entrepreneurs are the key to a successful economy. The best time to start a company is when you are young. But young, bright people feel compelled to go to university and leave with a 50k debt. How will this help them start a company
The government should do two things. First offer school leavers the same financial support as a student loan but to be spent on launching their own business (with similar payback terms). Second, agree to pay-off student loans for graduates who start a company straight from university, providing they employ at least five people within one year.
Serial entrepreneur Stephen Fear said: I would like to see a committed emphasis on creating more entrepreneurs from within the ranks of the currently unemployed, perhaps by redirecting some unemployment benefit into ‘self employment benefit.’?
“We must stop allowing people to waste their lives and redirecting money into building an enterprise culture would be a better way to use funds being paid out anyway. “
6. Energy market reform
Rising energy costs are a challenge for all industries. In its 2014 budget submission EEF, the manufacturers organisation, called for largescale energy market reform, including a freeze in the Carbon Price Floor.
EEF Chief Executive, Terry Scuoler, said: Rising energy costs represent a major threat to growth and could damage efforts to support and sustain long term recovery. The UK cannot afford to pile even more unilateral costs on the manufacturing sector which is key to developing the UKs longer term growth and stability.
Of course it’s not just gas and electricity which are expensive any business which uses a fleet of vehicles will know that the cost of petrol and diesel can be extortionate.
Charlie Mullins, CEO of Pimlico Plumbers, said: Id like to see the Chancellor introduce a targeted cut to the duty on diesel fuel to boost British industry. It literally is the fuel that drives UK business and the blood that pumps through the veins of the countrys infrastructure.
“Taking a slither of tax off diesel would pay dividends for the Government as it would benefit from increased productivity and therefore higher tax receipts.
7. Help to access the right talent
We hear a lot of complaints about the quality of the UK workforce and received a number of suggestions for how access to talent can be improved.
Paul P Rose, FloD Chief Executivve of Rixonway Kitchens, said: “We would like to see the government acknowledge the importance of apprenticeships by investing further in programmes and to ensure their success it is vitally important that further financial support is given to businesses considering employing apprentices.”
Richard Dorf, MD of PXTech, said: “In the long-term, the education system needs to drastically improve its ability to produce high achievers in the areas of science and technology, we are slipping down the tables in relation to other nations and this does not bode well for future competitiveness.
“Also, focussing on teaching innovation throughout school and the higher education system will do much to help us remain competitive against the emerging economic powers.”
Ed Bussey, CEO and founder of content marketing agency Quill, said: The process for sponsoring skilled migrant workers from outside the EU also needs to be simplified so that fast-growing businesses especially in the tech sector can get hold of the talent they need to fuel their expansion.