BVCA welcomes measures to support businesses and young people in Autumn Statement

Responding to George Osborne’s Autumn Statement this morning, Tim Hames, Director General of the British Venture Capital Association (BVCA), said:

“The most salient aspect of the announcements made today is, of course, the sharply improved outlook for the economy overall. A number of individual measures, though, are worth highlighting. At a time when many others have abandoned High Streets across the country, private equity has pumped investment amounting to over £1bn into retail and high street businesses. So we are very pleased to see business rates capped, a discount to this sector outlined and above all else measures to assist the re-occupation of vacant sites. We are also encouraged to see the Government commit itself to a higher quantity and higher quality of apprenticeships and that official thinking here is evolving in the direction of the Apprenticeship Tax Credit that we proposed earlier this year. We also cheer the changes in employer national insurance contributions for young employees, a cause which we have supported. The expansion of start-up loans is again a bold and beneficial step.

The single initiative which we would most welcome, nevertheless, is the declaration of principles surrounding social enterprises and social impact bonds where the Chancellor rightly hailed the work of Sir Ronald Cohen, an early BVCA Chairman and now Honorary President of the organisation. We are delighted that these principles so closely mirror the BVCA’s submission to the recent consultation exercise in this area and look forward enthusiastically to the publication of the “road map for social investment” next month. This sector of policy will be one of our highest priorities in 2014.”

Notes to editor