[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.
[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.
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