Budget must create conditions for long-term, sustainable growth, says Barclays

March 13, 2015
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More help for entrepreneurs, tech start-ups and exporters, better high-speed broadband and a simplification of business support are among the items on Barclays’ wish list ahead of next week’s Budget.

Chancellor George Osborne will present the last Budget of this Parliament on Wednesday with many commentators expecting him to announce a few pre-election sweeteners.

Barclays corporate director for Bath, David Goodall, hopes some measures will be aimed at helping growing businesses in recognition of the vital role they are playing in the economic recovery.

“This Budget is an opportunity to think positively about how to create the right conditions for long-term, sustainable success for the UK by focusing on a few key areas,” he said.

“A small number of interconnected factors have the potential to make a big difference to the economy. We do not claim to have all the answers but we believe business needs to get together to call for these positive steps”.

Based on his team’s work with businesses and customers, he is proposes the following wish list to boost the economy and support business growth: 

  • Explore the inclusion of entrepreneurial skills within mainstream learning and create specific learning opportunities through both qualifications and extracurricular activities.
  • Create an interactive map of the UK to help small businesses see all of the funding and support options in their area.
  • Take steps to encourage national tech start-ups by establishing local hubs in major cities across the UK.
  • Continue the roll-out of high-speed fibre optic across the UK.
  • Create a dedicated government website which collates and rationalises all the business support schemes.
  • Create within UKTI a specific unit tasked with developing a world-class global business-to-business network, connecting business ecosystems for mutual benefit.
  • Introduce Export Tax Credits for entrepreneurs undertaking export activity.
  • Deliver a more effective transfer of information and partnership between SMEs, larger businesses and the government to ensure our smaller businesses are able to respond quickly and effectively to potential trading opportunities.
  • Create a truly integrated and single market in UK public sector procurement to reduce the cost and bureaucracy of bidding for local contracts.

Bath Business News will have extensive coverage of the Budget on Wednesday, including live tweets on key points at @bathbiznews and on www.bath-business.net plus full analysis and local reaction.

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