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Government urged to create conditions for firms to innovate by Institute of Directors

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Chancellor Sajid Javid

Chancellor Sajid Javid

PA

Chancellor Sajid Javid

The Institute of Directors (IoD) has called on the new government to unleash entrepreneurialism across the UK, in its Budget submission published yesterday.

The directors' organisation called on Chancellor Sajid Javid to boost investment in dynamic start-ups and scale-ups through targeted reliefs and extra incentives aimed at new companies outside London and the South East.

Alongside pressing ahead with upgrades to broadband, rail and roads, other recommendations to boost innovation include helping the country's world-class universities collaborate more with local small and mid-sized firms.

To help smaller firms adjust to the post-Brexit landscape and capitalise on potential trading opportunities, the IoD pressed the Treasury to issue Brexit planning vouchers, launch a new 'Single Window' to streamline import and export procedures and widen take-up of the Government's Export Finance and Tradeshow Access Programme.

The submission to the Chancellor also called for measures to ease the high costs businesses face, including a business rate holiday for firms who improve or expand their premises.

With survey data showing that around one in three IoD members said a reduction in the regulatory burden was an immediate priority, the IoD said the Government should go further and faster on its promised 'EU Red Tape Challenge' by extending it to cover domestic regulation, starting with a delay to IR35.

Tej Parikh, chief economist at the Institute of Directors, said: "After years of parliamentary upheaval, businesses are undoubtedly enthused by the prospect of a Budget that can set out a clear, long-term vision for our economy.

"The Government also needs to create the conditions for companies to innovate to raise our game on productivity and sustainability.

Belfast Telegraph