[Re: Entrepreneurs now have their own pressure group – at last, yesterday]
Our recent G20 Entrepreneurship Barometer found that, while the UK is one of the top five countries to be an entrepreneur (with a competitive tax system and business-friendly regulation), we still have close to the lowest score for “co-ordinated support”. The 130 finalists of our 2013 awards saw average revenue growth of 9 per cent to more than £20bn; annual employment increased by 17.2 per cent. It shows the impact entrepreneurs are having on the economic recovery. Giving them a louder and clearer voice will benefit us all.
Stuart Watson, EY partner
According to a recent survey, half of UK company owners expect revenues to grow by at least 30 per cent by 2016. Small businesses are good for Britain, and a pressure group defending their interests is a good idea. It could start by calling for the reform of the Enterprise Investment Scheme – entrepreneurs shouldn’t be restricted to only raising initial capital using the scheme, it should be available for further investment rounds. Ignoring the fiddly Entrepreneur’s Relief, at a top rate of 28 per cent, capital gains tax is higher than the US Federal Gains rate. It should be lowered to 20 per cent across the board.
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