George Osborne's Autumn Statement: Reactions from entrepreneurs

Charlie Mullins, the founder and MD of Pimlico Plumbers

"I believe what we have just heard was a road map that will set this country on a track to the middle of the century. This was no short-termist financial statement, this was about a country that has recovered from its recent ills. One that still has the hospital bills to pay, but one that can see a time in the not too distant future when it will actually once again be able to pay its way and determine its own destiny."

Luke Lang, co-founder of Crowdcube

"The crucial transition from the start-up to high growth phase of business is where the availability of funding matters more, but also where it is most scarce.

The Government’s initiatives to support equity investments have been pitiful in comparison to its support for debt, which the Chancellor looks set to announce will qualify for ISA tax relief."

Ed Reeves, co-founder of Moneypenny

"The overall gain is a positive one. Anything that assists SMEs and the High Street to do more and better business is welcome and overdue.

But, are these changes big and bold enough to make the sort of difference that the 20% corporation tax has done? Certainly not. They go nowhere near far enough. A missed opportunity."

Adam Ludwin, co-founder of Captify

"It’s fantastic to see further investment in British start-ups, but it’s not all about pounds and pence. In reality, advice is worth as much as to a budding business as extra cash.

While it’s encouraging to see more money pumped into supporting small business growth, the Government needs to take a look at how business advice on issues such as tax, grant schemes, training and development can be delivered to entrepreneurs more effectively."

Sam Parton, co-founder of OpenPlay.co.uk

"I'd like to see further incentives for public sector tenders and contracts to use SMEs. Currently there are often prohibitive barriers placed on SMEs applying for government tenders who often lose out due to their lack of experience, limited financial position and small size of their teams."

Mike Bishop, CFO at Rakuten’s Play.com

"SMEs are the lifeblood of our economy; they generate half of the UK’s national income and in the retail sector specifically over two thirds of shops are independent. It’s imperative that we work to support the high street, and although the Chancellor’s statement does not go as far as many small businesses were hoping, it is a step in the right direction in these challenging times."

 

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