Small Business Minister Mark Prisk Wants to Foster Starting and Growing Companies. But How?

Mark Prisk on TwitterAs @Mark_Prisk has been appointed Small Business Minister within Vince Cable’s Department for Business, Innovation and Skills in the new UK government, he will certainly introduce measures to coincide with his view that "in a knowledge economy, supporting Small and Medium Businesses is crucial".

At a recent meeting with Mark Prisk, he told the audience, including The NextWomen, that if The Conservatives would be elected in government, he had strong views on how to encourage an enterprising economy.

He stated that "government does not create wealth, it is businesses how do create wealth", and that "we, as government should do that it can do best: to foster starting and growing companies". He went further to state that "government needs to foster the triangle of investors, entrepreneurs and innovators".

He outlined at the meeting a couple of proposals:

  1. ON TAX Simplify the tax system, as it would save time and money. He suggested to lower the corporate tax from 28% to 25%
  2. ON DEREGULATION. As 2-3 persons business juggle with all legal requirements, the cumulative burden thereof should be reduced. It would also mean a reduction in regulators, be in people and tasks.
  3. ON GOVERNMENT TO HELP MORE PEOPLE START A BUSINESS which would mean the following measures:
  • It should be more easy and quicker to form a company online
  • To execute a plan for superfast broadband, 100 megabyte, it would help people to start where ever they are located.
  • To make it easier for companies to employ people (reduction in bureaucracy, remove payroll tax)
  • To reduce the problem of taking credit by increasing competition between banks.
  • To increase the use of government guarantees
  • 25% of government contracts must be allocated to SME's. This market is worth 125 billion pounds, and if the guideline is scrapped that a business must be 3 years in business before it can even bid for these contracts, SME's would participate more in the tenders for these government contracts.
  • The government needs to publish which tender contracts are open to bid for, just as was done for the Olympic games

Marc Prisk stated that the government needs to have one portal where regular business should be able to get full information. He added that there should be also focus on high tech fast growth business.

He proposed to wind up Business Link, and to open new agencies that would be a copy of the Business Library and IP Centre of which there would be 10 in total for the UK.

Marc Prisk had strong views on the need for mentoring programmes for SME's, which he thought should be based on volunteering schemes.

Based on the above, Marc Prisk will certainly start to make and implement new policies to benefit the SME market, but question remains how?

Will he indeed change a lot of existing support programmes for entrepreneurs, such as Business Link?

We will update you on any information we will receive in that respect.

I have been searching the last month for resources and grants for women looking to start a business and have found nothing. I was taken aback. I expected there to be something woefully inadequate, but there is nothing at all.

When a women returns to the workplace it's usually because there is an urgent requirement to balance the budget, and they have to then find childcare and all sorts before they even start the job. Starting a business from scratch is very difficult too. People talk of loans, but now is a very difficult time to trade as well as start a business and getting credit is not easy. Especially if you have been out of the workplace for 2/3 years.

A small grant would make a huge difference, £300 gets them started, £500 makes a better start, £1000 an even better start.

Lesser regulation is a step in the right direction, it needs to happen fast.

Good luck Mr Prisk, don't forget us women even if you don't see many of us in the cabinet, we still exist.

Sign Up to our Newsletter

So you enjoy The NextWomen. Why not sign up to our monthly newsletter?
You get a Letter from the CEO :-), the chance to catch up with the best of our recent articles - and some extra things we throw in once in a while.

We try hard for smart reading.