Letters to the Editor - 10/12 - SME support, Savings crisis, Best of Twitter

SME support

[Re: Autumn Statement 2013: What it means for UK entrepreneurs, yesterday]
Philip Salter’s points are well made – the chancellor’s initiatives are far too little and far too late to make much of a difference. While action on business rates was a step in the right direction, for example, they are still in urgent need of fundamental reform. The British Business Bank has been hit with continual delays since its announcement last year. Far more needs to be done to reduce the dead hand of legislation, taxation and other disincentives if the UK is to improve its status as a major international entrepreneurship centre.

Name withheld

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Savings crisis

[Re: The chancellor did nothing to reverse the decline in long-term savings, Friday]
The UK’s savings crisis has been a long time coming, and subsequent governments have failed to adequately address it. Most worrying of all, however, is the fact that it seems to be getting worse and worse by the month. The latest figures showed that the household saving rate was 5.9 per cent in the fourth quarter of 2012, and 4.2 per cent in the first quarter of 2013. It seems that improvements in consumer spending in the UK recovery could be driven by a rundown in savings, which would be disastrous if it continued.
David Myles

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BEST OF TWITTER

Japan’s quarter-on-quarter growth rate has declined every quarter in 2013, but QE is regarded a “success”?
@minefornothing

Universal Credit: our new report reveals that in Whitehall, accountability is hard to find.
@Instituteforgov

Is the UK economy already supply constrained? Pay growth rising amid staff and skill shortages.
@WilliamsonChris

Portuguese third quarter GDP up 0.2 per cent quarter-on-quarter. France looking weaker by the day.
@BrendaKelly_IG