From micro-breweries to high-tech start-ups, business in the
North West is booming, the Chancellor is expected to say today
(Friday 1st February).
During a visit to Liverpool, will visit a small brewery
and a science and innovation hub to see first-hand the breadth
of entrepreneurialism taking place. He will also meet with
local entrepreneurs to discuss how government support has
helped them to grow.
The visit coincides with news that since 2014, British
Business Bank programmes have facilitated over £2.5 billion of
finance for North West entrepreneurs to help them start
and grow their businesses.
This is on top of various reliefs and incentives to support the
UK’s smallest businesses, including a freeze to alcohol duties
– which was extended today for another year – to help the
country’s local pubs and brewers.
, Chancellor of Exchequer,
said:
“Britain’s success has been built on innovation and
entrepreneurial activity, and the North West has always
been at the heart of this success.
“We are supporting these innovators, backing billions of
pounds of investment into the North West to support
entrepreneurs and help them get off the ground.
“This means that whether you are setting up a new micro-brewery
or making strides in tech innovation, the government is fully
behind you and is invested in your success.”
Chris Manka, North West Regional Chairman for the
Federation of Small Businesses, said:
"FSB is delighted to take part in today’s roundtable with the
Chancellor. Before the Budget, we campaigned to protect and
extend Start-up Loans funding beyond the current funding round,
and to safeguard the New Enterprise Allowance. We are pleased
the Chancellor agreed and announced these measures in his
Budget. As today’s figures show, they provide a financial
shot-in-the-arm to those setting up in business, and will help
see more entrepreneurs created across our region and the whole
of the UK.”
Since 2014, the British Business Bank has supported
8,000 SMEs in the North West.
The Start-Up Loans programme since 2012 has provided a further
£55 million of start-up loans for 7,000 entrepreneurs. This
includes supporting 700 entrepreneurs to start and grow a
business in Liverpool alone.
North West businesses in the alcohol industry are also set to
benefit from a freeze in taxes on beer, cider and spirits again
this year, in recognition of the important contribution of
British pubs and drinks makers to our communities.
Figures show that, in the North West alone, the beer and pub
sectors generate around £2.6 billion of value and supports
nearly 110,000 jobs in the region.
