It is safe to say that there is an element of uncertainty as to the way Government policy will affect the way we do things here in the North East and, inevitably, there is an increasing amount of speculation in the region as to the outcome.
The emergency budget on June 22nd saw the Government take some encouraging steps; business taxes have been reduced and the extension of capital gains tax relief for those who take high personal financial risks is to be welcomed; however, this is to be seen against the background of extensive cuts to public expenditure. Last time we had a significant reduction in the public sector during the ‘80s our banks were willing to advance working capital and loan finance to smaller businesses, in today’s economic climate they are less so. Wealthy entrepreneurs do not have the capacity to replace bank lending and we are left with the question: how are we to finance our young innovative entrepreneurs?
We are also told that it is entirely possible that those vital strategic economic interests that have been handled regionally for the last twenty years, together with successful technology issues may, in future, be handled nationally.
North East Access to Finance will continue to work, with our partners, to promote the assets, talent and resource that exists in our region and to emphasise the value of partnership working; of which we have built up such a wealth of experience here in the North East.
Hugh Morgan Williams
Chairman, North East Access to Finance
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