Entrepreneurs’ Forum Chairman Nigel Mills has called upon Chancellor George Osborne to protect support mechanisms for economic growth ahead of the Budget on March 18.
Here’s his letter in full:
Dear Mr Osborne,
Following your speech at Nifco, in Stockton-on-Tees, on Friday, February 27th, which I attended, I felt compelled to write to you in my capacity as Chairman of the Entrepreneurs’ Forum, regarding the future of tax breaks that support growth and the points raised by Pamela Petty, of Ebac on funding for entrepreneurial businesses.
In this post, I represent more than 300 individual entrepreneur-driven businesses from across the North East of England, with a combined turnover in excess of £1.7 billion per annum, employing more than 29,500 people.
As the Budget approaches, I urge you, on behalf of our members and the wider community of not only the North East, but the whole of Britain, to make a firm commitment to maintaining or increasing Government mechanisms to support entrepreneurs and encourage high net worth individuals to invest in entrepreneurial businesses through the existing SEIS and EIS allowances.
Entrepreneurial businesses are the catalyst for growth, despite the challenges thrown at them.
The majority of new net jobs in the world are created by businesses under five years old and sales growth in these entrepreneurial businesses is up to ten times higher than the national average.
As Pamela outlined on the day, the availability of cash for equity and working capital is key to enabling entrepreneurial businesses to start and to grow and a large part if this investment comes from high net worth individuals, who use these allowances to fuel the growth of these entrepreneurial businesses.
Preservation of, or even increases in these allowances in this year’s Budget would send out a positive message to would-be investors and entrepreneurs that this country backs entrepreneurship, jobs, and wealth creation for the benefit of all.
Entrepreneurship is alive and kicking in the North East, thanks in significant part to such tax breaks as those mentioned. Continued economic growth across the UK depends upon a government, which is committed to supporting investment in such entrepreneurial based businesses.
Yours faithfully,
Nigel Mills
Chairman
Chairman
• The Entrepreneurs’ Forum will be holding a special Budget Live event. For more information, visit: http://bit.ly/1FJMXGd.
No comments:
Post a Comment