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South West Business Needs Tax Breaks & More.
January 12, 2010
If the new strategy for economic growth, launched by Lord Mandelson recently is to have any immediate impact on the economy, the Government must provide real tax incentives for Small and Medium Sized Enterprises (SMEs) to take on graduates.
I agree with Lord Mandelson that innovation is the key to staying competitive and welcome more funding for RDAs and universities to work together in partnership. But the Government has an immediate responsibility to do more to keep graduates in the region and to encourage and help small and medium sized businesses to employ those graduates that have been encouraged to attend universities over recent years.
Incentives must be provided to help SMEs as the statistics are quite clear; the burden of employment regulation and the economic downturn is affecting jobs. Incentives must be provided now to create the enterprise culture that will bring us out of this recession. Graduates make a real difference by bringing their training and knowledge into SMEs, bringing new ideas, skill sets and initiatives.
But many SMEs are family business that have been established over years, businesses that have succession issues and need the new managers of the future, graduates that can learn and grow with those businesses. New managers that can help innovate and make the necessary changes to adapt and survive in the future. But many small businesses cannot provide the top starting salaries for graduates, so they leave the region and that is why the Government must step in and provide help if it is really serious about their strategy for economic growth in the South West. Small and medium sized businesses are the backbone of the National Economy but significantly they form an even greater part of the South West Economy - and they need help.
I welcome the support of Sir Harry Studholme and the RDA for the South West, but call on him to put pressure on the Government to provide incentives and tax breaks for graduates and SMEs to encourage those graduates to stay in the South West and join with small businesses.
I have also recently invited Sir Harry to attend a meeting of the South West Chambers of Commerce to discuss these very issues in more detail and see how Chambers of Commerce can help connect graduates with business, to help boost our regions economy - as SMEs are key to the sustainable economic future of our region.
Chris SlocockChairman of SWCCPast President of Dorset Business (DCCI)British Chambers of Commerce (BCC) Business Representative for the South West.Member of the advisory Council of BCC
