When it comes to the creation and development of new businesses, the UK are falling behind countries in the G20, including the United States and India. This is according to a report published by Ernst & Young; Entrepreneurs Speak Out. The survey which questioned business leaders aged 18 to 40, revealed that the UK has fallen to 14th place in the list of G20 countries when it comes to supporting entrepreneurs in a new business venture. Only 76 percent of business leaders believe there is a culture in the UK geared towards entrepreneurs.
However, the UK did receive some positive results, with the start-up costs for a new venture being among the lowest in the G20, while the length of time it takes to commence trading only takes an average of 13 days in the UK, in comparison to 22 days in the G20. Business has also been boosted by popular TV shows like The Apprentice and Dragon’s Den. Tax relief and high standards of education also helped to give business image a boost.
The report was published in the days before the G20 Young Entrepreneurs Summit which took place in France. According to the report, the UK have to look at business incentives, funding and innovation, especially as 72 percent of UK business leaders had difficulty gaining access to funding.
Bob Forsyth, partner at Ernst & Young said:
“It is amazing to me that entrepreneurs and in particular, young entrepreneurs are not supported and acknowledged enough for the critical role they play in job creation and generating innovation. They clearly need more support and attention in fiscal and government policy.”
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