In his New Year message, Longworth said that Britain needs to become a “national incubator” for small businesses wishing to grow.
He said: “We must find ways to become a national incubator for those who want to be medium-sized enterprises so that when they reach this stage in their growth cycle, they have the opportunity to become the UK’s wealth creators of tomorrow.”
To do this we need to boost business confidence and address the “cost of doing business crisis” by tackling the impact of business rates and ever-rising energy prices, he said.
Longworth also said that a lack of access to finance was getting in the way of growth.
“There are also firms that cannot access the patient finance they need to realise their long term growth ambitions, to go from being small businesses to medium-sized ones and beyond,” he said.
“There is a long-term, structural failure in business finance in the UK, made worse by the banking crisis, and this hampers our ability to nurture a British Samsung or Google.”
Businesses also need to see the government deliver on infrastructure promises and access to a workforce with the right skills, he said.
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