Sir Richard Branson, founder of Virgin Group, has called on policymakers to increase support for British entrepreneurs. Writing in City AM, he stated that the UK must go further to create an environment where innovators can establish and grow businesses.
Branson highlighted the difficulties of building a business from scratch, emphasising the need for an economic environment that helps innovators to "survive and thrive." Research from Virgin's charity, Virgin Startup, suggests that a significant majority of founders do not believe their concerns are heard by Westminster.
These challenges emerge as an early test for Prime Minister Andy Burnham and his Treasury team, with attention on the upcoming October 28 Budget. While Burnham and Chancellor John Healey have pledged to support businesses, the government faces sluggish growth and tight public finances.
Recent findings from Virgin Startup also indicate strong parental support for entrepreneurship, with 87% of parents confirming they would back their child starting a business this year. Over 30% of parents would prefer their child to start a business instead of attending university, citing student debt and alternative career paths.