the business ladder

Lord Young will be the new enterprise leader and title holder of Enterprise Champion, replacing Lord Sugar of BBC TV show The Apprentice.

In order to help SMEs grow, Lord Young has been challenged to reduce government bureaucracy. After the coalition government formed, PM David Cameron removed Lord Sugar from the position in May.

The government will now be informed on everything concerning small business management by the former cabinet minister, Lord Young, focusing in particular on creating strategies to promote new business venture start-ups. Furthermore, Lord Young will continue in his position as Cameron’s health and safety consultant.

The BBC has quoted Cameron as saying that he wants "nothing less than a wholesale change in attitude" from the government towards small enterprise.

An enterprise policy review will be pushed by Lord Young, aiming to develop strategies to help new businesses obtain finance, which in turn could persuade more new start-ups, simplifying cost measures, and giving businesses more influence when the government suggests new policies.    

SMEs are now shown to make up 60% of the UK job market, making up over half of the UK’s economic production. It is believed by the government that the development of small and medium business ventures is integral to the recovery of the UK economy. Cameron  has stated that Lord Young will advance a ‘brutally honest’ review of the bureaucracy influencing UK companies, additionally saying that he will be  "working to identify what we need to do to help small businesses grow."

Apparent ‘barriers’ stopping small businesses from developing have been pointed out by Lord Young, who aims to direct the government on "what can be done to make life easier for businesses to start and grow."

 

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