WA17

Brown announces funding programme for small firms

Chancellor Gordon Brown has confirmed that he will introduce a US-style funding programme to help small firms obtain finance.

Addressing the US-UK Enterprise Forum in New York recently, Gordon Brown said, 'Britain is now ready for the next round of enterprise reforms and a step change in creating a more dynamic enterprise culture'.

Mr Brown highlighted the fact that Americans are almost twice as likely as Britons to start up a new business.

US Treasury Secretary John Snow advised that the best way to encourage small businesses was to help them through the initial stages and then withdraw.

The Chancellor will set out the plans as part of his forthcoming spending review.

Meanwhile, shadow chancellor Oliver Letwin has criticised Mr Brown over his small business record. Mr Letwin asserted that the Chancellor was largely responsible for a fall in the number of start-ups, as a result of his 'stealth taxes'.

His comments follow the recent news that the number of new companies registered at Companies House dropped by 18% year-on-year in April, to 25,308.

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