Business Secretary Vince Cable has promised a future when entrepreneurs will face fewer regulations and have better access to start up funding.
Speaking at MADE: The Entrepreneur Festival, Dr Cable said: “Governments don’t create entrepreneurs – you do – but we can try to create a suitable environment where there are a whole lot of factors working in favour of people who want to start a business and grow it.”
Dr Cable acknowledged the difficulties businesses were having in raising funding, which had been made worse by the conservative attitude banks were taking to lending, following the banking collapse.
“It is a difficult environment and we in government are trying to help. We need more competition. We need more banks,” said Dr Cable.
He highlighted the recent launch of an £80 million government fund, designed to help 30,000 start up businesses, which had rapidly attracted interest from 1,200 firms.