British Entrepreneurs Held Back By Red Tape And Tax, Survey Reveals

by Caroline Maxwell, Tax-News.com, London

07 October 2002

A survey of British-based entrepreneurs recently conducted by Barclays has found that excessive red tape and high taxes on business are seen as the greatest obstacles to success.

The report, published last week, was based on the results of some 400 interviews conducted with incorporated companies across Britain which enjoy annual sales or profit growth of at least 25% and, according to Barclays, 'set new standards that drive innovation and fresh ideas in the economy'.

When asked what the UK government can do to help 'fast growth' firms, reducing red tape (21%), and cutting the business tax burden (14%) came top of the list. The poll also attempted to identify particular challenges for this type of fast-growing business, and found that attracting and retaining staff, keeping up to date with new technology, and accessing new markets are all areas of great concern for the country's entrepreneurial company owners.

Speaking late last week, Mike Rogers, Barclays' Managing Director of Small Business and Start-ups urged the government to act upon the concerns expressed by up-and-coming businesses by stressing the importance of the sector to the UK's economy:

'All businesses that thrive and create jobs are valuable, but a healthy stock of fast growth business is an integral part of a dynamic economy. These firms are focused, ambitious and groundbreaking, combining big aspirations with the expertise and the ability to achieve their goals,' he observed.

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